Constrained availability of oilfield services (OFS) supply capacity in North America, and increasingly internationally, rank among ongoing “tailwinds” for natural gas and oil prices, management at Schlumberger Ltd. said Friday.

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The OFS giant sees “a decoupling of upstream spending from potential near-term demand volatility, resulting in resilient global oil and gas activity growth in 2022 and beyond,” Schlumberger’s CEO Olivier Le Peuch told analysts during a call to discuss earnings for the second quarter.

He said that “energy security and urgency to establish more diverse and reliable sources of oil and gas supply have become increasingly apparent.” In addition, he said the ongoing Russia-Ukraine conflict and “periodic supply disruptions in certain regions”...