<article><p class="lead">French tubular maker Vallourec expects the oil country tubular goods (OCTG) market in North America to remain tight into next year.</p><p>The company forecast tight supply conditions continuing in the region. </p><p>The <i>Argus</i> West Texas Intermediate fob Houston price has remained above $80/bl for most of 2022, and has been buoyed by supply shocks related to the war between Russia and Ukraine. It has fallen by 37pc since hitting a peak of $127.81/bl in early March, down to $80.22/bl yesterday.</p><p>In its Asia, Africa, Europe and the Middle East regions, volumes are expected to continue recovering, particularly in the Middle East, the company said. </p><p>South American prices and volumes are expected to rise, while European gross domestic product is expected to decline as high energy costs weigh on the region's economy.</p><p>Vallourec shipped 462,000 metric tonnes of tubular products, an increase of 18pc from the prior year.</p><p>It earned a profit of €6mn ($6.2mn) in the third quarter, compared with a loss of €7mn in the same period of 2021.</p><p class="bylines">By Rye Druzin</p></article>
