Steel makes drilling work. Tit-for-tat tariffs will have an impact on the industry. Contractors may pay more for consumables and, eventually, for rigs and other support equipment. Manufacturers may see higher costs for tubular steel, fabrication-ready components and other inputs. Distributors, stuck in the middle, may pay more and have to charge more to keep profit margins. Customers buying drilling services may have to pay more for jobs, particularly if contractors want to keep their profit margins.
The whole supply chain has to prepare for impacts as U.S. tariffs and retaliatory tariffs from other countries settle in.