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[Opinion] Higher oil prices will not spur more US production, oilfield services company Patterson-UTI says

Summary by Oil & Gas 360
(Investing) – HOUSTON – A surge in energy prices caused by the U.S.-Israel war with Iran will not lead to additional U.S. oil output without the market predictability needed to ensure more drilling, Andy Hendricks, CEO of oilfield services company Patterson-UTI, said on Tuesday. Oil prices have swung wildly since the end of February after Iran shut the Strait of Hormuz, a key trade route, forcing major producers in the Middle East to cut product…
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Higher oil prices will not spur more US production, oilfield services company Patterson-UTI says

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Kitco NEWS broke the news in on Wednesday, March 11, 2026.
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