Baker Hughes expects global upstream spending to remain broadly flat year over year
BKR•Baker Hughes expects global upstream spending to remain broadly flat year over year, with the outlook improving into 2027. It sees global LNG capacity reaching 800 million tonnes per annum by 2030 and expects fourth-quarter Middle East activity to decline.
1. Spending outlook
Baker Hughes expects global upstream spending to remain broadly flat year over year, but sees the global upstream spending outlook improving into 2027. The company expects global LNG capacity to reach 800 million tonnes per annum by 2030.
2. Middle East activity
Baker Hughes expects fourth-quarter Middle East oilfield services activity to decline sequentially and industrial and energy technology activity to decline modestly from third-quarter levels. Its CEO said Middle East infrastructure rebuilding could create opportunities to expand and upgrade gas and power infrastructure.
