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Crude prices surged about 50% last year and are currently trading at seven-year highs on the back of a vaccine-fueled demand recovery and tight supplies in the market.
“Absent any further COVID-related disruption, oil demand is expected to exceed pre-pandemic levels before the end of the year and to further strengthen in 2023”, said Olivier Le Peuch, Schlumberger (NYSE:SLB)’s chief executive officer.
Worldwide rig counts was 1,563 at the end of the fourth-quarter, compared with 1,104 in 2020, according to Baker Hughes’ data.
The world’s largest oilfield services provider said net income rose to $601 million, or 42 cents per share, for the three months ended Dec. 31, from $374 million, or 27 cents per share, a year earlier.
