The head of oilfield services company Schlumberger said Friday major investments in exploration and production are needed to counter supply-side pressures. “Despite OPEC’s recent decision to increase production, the global supply base continues to weaken from geopolitical pressure to remove Iranian production from the market, no apparent resolution to falling production in Venezuela, and Libyan exports continuing to be volatile,” Schlumberger Chairman and CEO Paal Kibsgaard said in a statement. The Organization of Petroleum Exporting Countries in late June agreed to be looser with production curtailment efforts in order to offset concerns about dwindling supplies. Venezuelan production is near historic lows because of a wide range of political and economic challenges. Heightened security risks in Libya mean exports have been intermittent for more than a month. In November, U.S. sanctions snap back on Iran, making it difficult for the Islamic republic to put its […]