Mature non-OPEC production faces 0.3 mb/d downside in 2026 at $60 Brent

Recently released for Energy Aspects subscribers, our analysis reveals a challenging outlook for oil field services companies. Q1 2025 earnings for Baker Hughes, Halliburton, and SLB dropped by a third quarter-on-quarter, to a combined $1.7 billion, the first such decline since Q1 2024.recently released for subscribers, Energy Aspects experts examine the potential downside risks to non-OPEC conventional crude production if Brent averages $60/bbl over 2025-26. 


Our research reveals a possible 0.3 mb/d reduction to our 2026 forecast, with varying impacts across different regions. While the market has focused primarily on US shale's response to lower prices, conventional fields face significant challenges too. 



What you'll discover in this analysis:

  • Major OFS companies' earnings trends and industry health outlook for 2025. 
  • Contrasting performance between tight oil activity and deepwater operations. 
  • Tariff implications for OFS supply chains and equipment manufacturing. 
  • Regional market performance across North America, Mexico, and Saudi Arabia.
  • Strategic responses to shareholder expectations during market turbulence.
Weak Q1 25 earnings show the OFS industry is in for a turbulent year

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