February 2017
Special Focus
Rebalancing of markets and a new U.S. administration will speed recovery
The two-year oil price decline, and resulting plunge in activity and downsizing of assets and personnel by industry companies, appears to be over. Now, the industry is preparing to get back to work. A combination of OPEC’s quota deal in late 2016, along with lower North American oil production, service/supply cost reductions, high-grading of prospects by operators, and operational efficiencies, has done much to prop up oil prices and encourage a rebound in activity.
