The world’s top oilfield operator, Schlumberger Ltd., is anticipating oil and natural gas demand to push “successive years of market growth,” with the upcycle now in full gear, CEO Olivier Le Peuch said Friday.

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“As demand continues to strengthen and new investments are committed to diversify energy supply, the duration and scale of this upcycle may potentially prove higher than originally anticipated, absent a setback in the economic recovery,” the CEO said Friday during a first quarter conference call.

The gains are coming concurrently with the turmoil in Russia, whose position as a leading oil and gas producer and exporter has fallen since its invasion of Ukraine. The conflict “is of grave concern,” Le Peuch said. 

Like its oilfield services (OFS) peers,...