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Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

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Halliburton Sees Oil Price Spike By 2020

Oil Rigs

U.S. construction and fracking major Halliburton believes the oil market crash that has lasted three years will cause oil prices to spike by the year 2020, according to World Oil.

The oil industry has lost $2 trillion in investments due to chronically low prices, said Mark Richard senior Vice President for global business development at the World Petroleum Conference in Istanbul on Wednesday.

“Sooner or later, the market is going to catch up," Richard said. "You’ll see some kind of spike in the price of oil. Maybe somewhere around 2020-2021, but it’s got to catch up sooner or later."

Production cuts by the Organization of Petroleum Exporting Countries (OPEC) had caused a rise in oil prices back in January,  but new production from Nigeria, Libya, and the United States have erased all gains from the brief bear market.

“All of our major clients are working to bring the total cost down internationally," he said. "It depends how quickly we can get to those price points and how quickly our customers are able to see that their investment is going to be solid for the long term."

Halliburton Company is in advanced talks to buy Tulsa-based Summit ESP, an oilfield equipment provider backed by Oklahoma’s oil and banking billionaire George Kaiser, Reuters reported in late June, citing sources familiar with the negotiations. Related: Underperforming Energy Sector May Soon See M&A Wave

Halliburton is seeking to boost its artificial lifts business after its failed plans last year to merge with Baker Hughes, and stalled plans to acquire a similar Russian company.

Talk of the Halliburton-Summit ESP deal came just weeks after the Department of Justice (DOJ) had given the go-ahead to a proposed merger between GE’s oil and gas business division and Baker Hughes that would create an oilfield service company bigger than Halliburton, second only to Schlumberger.

By Zainab Calcuttawala for Oilprice.com

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Leave a comment
  • Erin on July 13 2017 said:
    That's brilliant. Everything always eventually goes up or down. Sick of hearing about the woes of the greedy oil companies and energy investors. I hope it stays down for a decade or so just like certificates of deposit.
  • the masked avenger on July 13 2017 said:
    Dream on, oil use will continue its slow decline. The days of heavy oil have ended.
  • dbheamm13 on July 14 2017 said:
    They just wish it will spike, and are hoping to influence it
  • Billy on July 15 2017 said:
    Eventually the days of heavy oil use will decline but usually when you see people start saying anything to do with 'this time is different', you know things are likely to abruptly change
  • Bill Simpson on July 25 2017 said:
    The huge spike will hit between 2022, and 2025. By 2025 oil will be at $200 a barrel. By 2030 it will be at $250 a barrel, unless we have another Great Depression. With global debt now at $270 trillion and rising, that is certainly possible.
  • N8 Dawg on July 27 2017 said:
    In spite of the growth in renewable power, the demand for fossil fuel based energy will continue to rise for years to come. I believe this will happen because of the move, by populations in recently industrialized nations, toward a more westernized lifestyle, coupled with an ever-increasing population. Energy demand will continue to grow faster than the growth that renewable sources of energy can keep up. What we will see is a shift from oil toward natural gas, especially in the trucking industry. I don't have much faith in the Tesla Semi concept. The increase in demand will continue unless the world's many currency bubbles start to pop. This could happen sooner than later given that the US real estate market is now looking much like it did in 2006. As goes the dollar, so goes many other currencies/economies. Depending on how many more bailouts we can incur before hyperinflation. Don't forget that we could very well be heading toward an economic world war if we impose sanctions on Russia, Iran, Venezuela, ect. It's really anybody's guess. We're just along for the ride...at least those of us not in "The Club".

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