By John Lee.
In its results for the third quarter of 2016, oilfield services company Schlumberger has said that it has increased process systems deliveries in Iraq.
While Middle East & Asia Area revenue declined 1% sequentially, lower activity in Indonesia, the UAE, and the South East Asia was mitigated by higher revenue in Saudi Arabia, Iraq and Kuwait on new projects, increased drilling activity, and additional land seismic surveys.
Schlumberger Chairman and CEO Paal Kibsgaard (pictured) commented:
“In the global oil market, the supply and demand of crude is now more or less balanced as evidenced by flattening petroleum inventory levels and the start of consistent draws toward the end of the quarter—particularly in North America.
"At the same time, oil demand for 2017 was again revised upward in October and if combined with OPEC’s announced intention to cut production, this suggests further inventory draws in the coming quarters that should lead to upward movement in prices."