Oilfield Services Giant Schlumberger to Cut Spending by 30%

Schlumberger, the world’s largest oilfield services company, on Tuesday said it would cut spending by 30% this year from last year’s levels as the oil market has been roiled by the coronavirus outbreak and Saudi-Russia price war.

The company expects a rapid reduction in active drilling and hydraulic fracturing activity, estimating the number of rigs in operation could fall to levels last seen during the 2016 downturn.

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