Edition:
United Kingdom

Schlumberger Expects Oil Market Sentiments To Remain Balanced From Macro Perspective


Friday, 19 Jul 2019 

July 19 (Reuters) - Schlumberger NV ::REG-SCHLUMBERGER LIMITED SCHLUMBERGER ANNOUNCES SECOND-QUARTER 2019 RESULTS.QTRLY WORLDWIDE REVENUE OF $8.3 BILLION INCREASED 5% SEQUENTIALLY.QTRLY EPS WAS $0.35."FROM A MACRO PERSPECTIVE, WE EXPECT OIL MARKET SENTIMENTS TO REMAIN BALANCED".OIL DEMAND FORECAST FOR 2019 HAS BEEN REDUCED SLIGHTLY ON TRADE WAR FEARS AND CURRENT GLOBAL GEOPOLITICAL TENSIONS.ON SUPPLY SIDE, CONTINUE TO SEE U.S. SHALE OIL AS ONLY NEAR- TO MEDIUM-TERM SOURCE OF GLOBAL PRODUCTION GROWTH.ADDED OIL SUPPLY WILL BEGIN TO FALL IN 2020 & WILL CREATE RISK FOR FUTURE AS DECLINE RATES IN MANY BASINS BECOME INCREASINGLY CHALLENGE.MAINTAIN VIEW THAT INTERNATIONAL E&P INVESTMENT WILL GROW 7% TO 8% IN 2019.SPENDING IN NORTH AMERICA LAND IS TRACKING EXPECTATIONS OF A 10% DECLINE THIS YEAR.