OFS shares slide as OPEC+ holds steady

Global oil demand growth is set to slide in 2024 while supply is boosted by non-OPEC+ members. As it attempts to manage prices, OPEC+ is expected to hold steady on production. Those moves, and an announcement Saudi’s energy ministry that it wouldn’t push on with production increases, naturally called some major projects into question and oilfield service (OFS) providers took a hit in the markets.