A potential economic slump would be insufficient to correct the acute supply/demand imbalance currently facing the oil and natural gas markets, according to Halliburton Co. CEO Jeff Miller.


Miller discussed the market outlook during the oilfield services (OFS) giant’s second-quarter earnings call Tuesday morning.

The CEO noted that actions taken by central banks during the second quarter to curb inflation are “raising concerns about a potential economic slowdown. Despite this near-term volatility, I believe the oil and gas market fundamentals still strongly support a multi-year energy upcycle.”

He added, “From a demand perspective, oil and gas remains a critical component of long-term economic growth. Post-pandemic economic expansion, energy security requirements and...