Oil industry taking a beating in the first 100 days
Posted: Tue Apr 29, 2025 12:14 pm
https://www.cnbc.com/2025/04/29/oil-com ... ating.html
President Donald Trump’s wants to “drill, baby, drill” but his first 100 days in office have been rough for oilfield service firms.
Baker Hughes and SLB see investment in drilling slowing this year as oil prices fall because of growing supply and concern over a recessionary slowdown.
The outlook could get worse still if tariff rates increase, Baker Hughes CEO Lorenzo Simonelli said.
President Donald Trump’s wants to “drill, baby, drill” but his first 100 days in office have been rough for oilfield service firms.
Baker Hughes and SLB see investment in drilling slowing this year as oil prices fall because of growing supply and concern over a recessionary slowdown.
The outlook could get worse still if tariff rates increase, Baker Hughes CEO Lorenzo Simonelli said.