Even though the shale market is showing early signs of recovery as crude prices emerge from dramatic declines earlier this year, the outlook of WTI crude still remains weak, with limited drilling activity expected in the second half of the year. Additionally, a recent report by the International Energy Agency shows global energy investment is expected to fall by $400 billion this year, and U.S. shale will be one of the hardest hit regions where capex is set to fall in half.

With production falling to historic lows across major U.S. shale basins, several oilfield service firms like Halliburton, Schlumberger and McDermott are turning to the Middle East and other international markets for relief.

“The Middle East is a resilient market, and we anticipate that OPEC countries in the region will be the least affected by this downturn,” Sid Whyte, Halliburton’s senior vice president of the Middle East, North Africa and Asia-Pacific, told E&P.

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