Vallourec will increase its prices for oil country tubular goods (OCTG) in the second half of 2018 as a result of improving market conditions in the United States and Brazil, the French tube and pipe producer said on Thursday May 17.
"Worldwide oil stocks have decreased significantly, while countries [that] committed to curbing their oil production [have maintained] a high [level of] discipline. These trends are supporting the increase in global tendering... by oil companies," Vallourec said."In the US, we expect that the average rig count [will remain firm], which should allow us to pass on further OCTG price increases in the second half of 2018," the company added.Elsewhere, increasing tender activity for oil and gas projects should result in an increased number of bookings, with positive effects on deliveries to be seen toward the end of 2018,...