An offshore slowdown is not the worst outcome

The combination of WTI below $70 a barrel, OPEC+ announcing an extension of its voluntary 2.2 million barrel a day “adjustment” (production cut) until March 2025 before feeding the supply into the market, and Chevron’s 2025 capital budget showing it spending less money next year increases the odds of a slowdown in oilfield activity.  Recent forecasts for drilling and the offshore industry expect a slowdown.  For some, it is considered the worst outcome possible for the industry. But is it? …