Morgan Stanley is once again slashing its forecast for upstream spending in the oil industry. However, despite the pricing weakness, analyst Ole Slorer believes that risk in many oil services and drilling equipment stocks is currently skewed to the upside.

New Numbers

Morgan Stanley is now projecting global well-related spending to fall 26 percent in 2015 and 3 percent in 2016. North America is by far the weakest global market, and the firm is calling for a 42 percent decline in North American Spending in 2015. The Middle East/Africa is the most resilient market, as Morgan Stanley projects only a 9 percent decline in spending in 2015.

Patience Rewarded

The good news for shareholders is…

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