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7/19, 3:35 PM (Source: TeleTrader)
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Halliburton CEO: OPEC spare capacity historically low

Halliburton Company CEO Jeff Miller said on Tuesday, during the conference call held after the announcement of the second quarter earnings, that the Organization of the Petroleum Exporting Countries (OPEC) spare capacity is currently at historical lows.

Miller further noted that the company is expecting a hike in service prices due to the tight capacity. He also added that concerns over the supply of crude from Russia continue to stay high, while the strategic petroleum reserve release is unsustainable.

Earlier, the multinational corporation, in charge of providing services and products to the energy industry, revealed in its latest earnings report that its revenue soared 37% on a yearly basis in the second trimester of 2022.

Baha Breaking News (BBN) / AY