Energy Markets
Baker Hughes predicts a drop in spending by producers as tariffs pinch the demand
Baker Hughes, a U.S. oilfield services provider, forecasted steeper cuts in global oil producer spending as tariffs dent the demand expectations and drive down crude prices. Baker Hughes, a rival of Halliburton, expressed concern on Tuesday that low oil prices may cause oilfield activity to decline in North America. Baker Hughes of Houston, which on Tuesday reported a better-than expected first-quarter profit, now expects that global upstream expenditures will be down by single digits by 2025. Baker Hughes has said that oil and gas producers' spending in North America (excluding Mexico) is expected to drop by low-double-digits. This compares with...