Halliburton Sees World Headed for Oil Scarcity

Halliburton Sees World Headed for Oil Scarcity
The world is headed into a period of scarcity for oil after seven years of underinvestment.

Halliburton Co., the biggest provider of fracking, warned that the world is headed into a period of scarcity for oil after seven years of underinvestment following crude’s plummet from $100 a barrel in 2014.

“For the first time in a long time, we’ll see a buyer looking for a barrel of oil as opposed to a barrel of oil looking for a buyer,” Jeff Miller, chief executive officer at the Houston-based oilfield contractor, told an audience at the World Petroleum Congress on Monday.

Halliburton has seen spending by crude explorers outside the U.S. and Canada cut by roughly half compared with historical norms, Miller said. The hired hands of the oil patch have also been squeezed this year by rising costs, while producers have sought to return profits to investors rather than boost spending.


What do you think? We’d love to hear from you, join the conversation on the Rigzone Energy Network.

The Rigzone Energy Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and industry insiders and engage in a professional community that will empower your career in energy.