The world’s leading oil services companies, Schlumberger, Halliburton and Baker Hughes have reshifted their focus to their North American operations after more than two years of cuts. For each the Mideast, their most resilient region through the two lean years, remains core to their revenue.

The three largest listed oilfield services firms have struggled to turn a profit since the beginning of 2015. They managed a collective profit of $190mn in Q1 2017, but this compares to a whopping...