44.25
price up icon1.69%   0.719
 
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Why is Schlumberger Ltd (SLB) Stock down?

30 Jan, 2024:

SLB (SLB) stock declined by 7.24% due to the Saudi government to Saudi Arabian Oil Co. (Aramco), instructing it not to increase oil production. The surprising reversal by Aramco, which had previously aimed to boost production capacity to 13 million barrels per day by 2027, has raised concerns about Saudi Arabia's outlook on future oil demand. This shift reduces the expected supply buffer for coming years and may pose challenges to the industry, given the costs of maintaining spare capacity and anticipated declines in oil demand amid the global energy transition. Aramco is expected to lower its annual budget by approximately $5 billion when it announces annual results in March, according to RBC Capital Markets.

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