In Barclay’s midyear global spending survey of more than 200 companies, global upstream spending for 2018 is on pace to rise 8%, essentially in line with its December spending report.

“Compare to the last two cycles, the recovery in global spending has been remarkably restrained, but may be poised to accelerate in 2019 based on encouraging signs in the Middle East and certain offshore markets,” Barclays said.

Collectively, North American budgets revised higher to a 15% increase in 2018, up from 9% in April following meaningful capital spending increases from Occidental Petroleum Corp., Apache Corp., Pioneer Natural Resources Inc., and several others. Many cited a higher oil price environment, increased drilling and completion efficiencies, and higher steel costs due to tariffs.

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