The oilfield services upcycle is unlikely to begin before 2027 because global markets must first absorb spare capacity, convert LNG and power infrastructure investments into sustained drilling demand, and force deferred upstream projects back onto the table. When that tightening occurs, the inflection will be driven by utilization and pricing power — not rig count — marking a true economic upcycle rather than a short-term activity bounce.
Baker Hughes:Why the Oilfield Services Upcycle Likely Starts in 2027
