He, however, said Baker Hughes’ outlook for 2025 remains unchanged, with a high-single-digit decline in global upstream spending expected.
Simonelli cautioned that oversupply concerns in the oil market were weighing on sentiment, with some OPEC+ members still unable to meet production quotas. He said oil-related upstream investment is expected to stay subdued until the market absorbs the group’s additional supply.
He said that early indicators suggest 2026 will be another year of subdued activity and spending declines before a gradual recovery takes hold, particularly in international and offshore markets.
(Reporting by Arunima Kumar in Bengaluru; Editing by Vijay Kishore)