Baker Hughes says producers unlikely to increase spending this year

HOUSTON, March 10 (Reuters) - U.S. producers are unlikely to increase spending this year, and production increases will primarily come from greater efficiencies, rather than new drilling, Baker Hughes Chief Executive Lorenzo Simonelli said on Monday on the sidelines of the CERAWeek conference by S&P Global in Houston.

The outlook comes as U.S. President Donald Trump's administration has repeatedly exhorted the industry to "Drill, baby, drill," to maximize oil and gas production and reduce consumer energy costs.