Global oil services giants saw revenues slump in Q1, reversing some of last year’s rebound from their annus horribilis of 2016. The bumper years to 2014 remain ancient history: economy mode is the new normal. Earnings from the Middle East, a key source of 2015-16 resilience, are down whilst US growth has slowed.

Oilfield services firms Schlumberger, Halliburton, Baker Hughes (now a GE subsidiary) and Weatherford saw their revenues fall by a combined $1bn in 1Q 2018 versus 4Q 2017....