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The Fate of U.S. Oilfield Industry for 2020 Depends on This Meeting Happening This Week

Pumpjacks of West Texas

The fate of crude oil prices and the health of the U.S. energy sector heading in 2020 may be determined this week in Vienna when OPEC and its allies meet to determine whether to extend or deepen production cuts that have kept the market from crashing.

Texas Land & Oil Caps

With crude supplies expected to keep outpacing waning demand growth in the months ahead, inaction from OPEC or even a decision to extend the existing cutbacks could send oil prices plunging toward $40 a barrel by mid-2020, a level at which few U.S. companies could make money and likely leading to layoffs in Houston and across the industry. With prices stuck in the $50-to-$60 range, energy companies already are cutting back and eliminating jobs. [read more]

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