We work with oil and gas businesses who need a partner to provide peace of mind that their customers and callers are dealt with professionally, 24/7/365. We have recently encountered two very interesting bits of news affecting the industry and wanted to share it with you.
The Organization of Petroleum Exporting Countries (OPEC) met with its non-OPEC allies last week and decided to extend production curbs through the end of 2018.
This is good news for our friends in the oil and gas industry. Curbing production will help right size global oil supply and hopefully stabilize prices.
Price estimates over the medium-term range from $40 to $60 per barrel.
Commentators are hopeful extending production curbs will maintain an oil price floor of $50 and an average price at or above $60.
Anecdotally, our customers and friends in the industry are reporting an uptick in activity as well, which makes us hopeful for their continued success heading into 2018. We are excited to hear that good things are happening, and hope that you are too!