A combination of weaker oil prices, widespread spending cuts, and ramped-up OPEC crude oil volumes created a softer-than-expected industry environment that will continue at least through the rest of 2025, the CEOs of oilfield services leaders Halliburton and SLB said.
Global economic volatility, including ongoing tariff uncertainty, is leading oil and gas producers to plan more conservatively for the rest of the year than anticipated, they said, although though the longer-term oil and gas outlook remains bullish. The U.S. and Mexico are showing particular weakness even as shale oil and gas technologies developed in the U.S. over the past 20 years spread worldwide from Argentina to Australia, said Halliburton chairman and CEO Jeff Miller during the July 22 earnings call.
