The Rising Influence of Rising Affluence

[OakesCS]

I’d venture that the ability to cut costs further is nonexistent. In addition, when demand does get back to 2018 levels, oil and service companies will be lacking a lot of skilled personnel and it’s not like all of those that are remaining are cream of the crop. Many companies have interesting hiring and firing strategies that have nothing to do with the ability to contribute to profitability.