Originally Posted on OilPrice.com
By Zainab Calcuttawala – Jun 06, 2017
The Texas oil and gas industry has added 12,000 new jobs in the past six months, according to a new report from the Texas Petro Index.
The spike in job creation came from the rise in active oil and gas rids in the Permian – the basin of choice in the current market downturn.
Marginally increasing barrel prices, supported by the Organization of Petroleum Exporting Countries’ (OPEC) deal to cut production by 1.2 million units through March 2018, have jumpstarted American shale oil output. The development carries on to the chagrin of the bloc’s leaders, who see the effectiveness of their cuts fail as American oil adds to the supply glut.
Current estimates put U.S. exports at 1.3 million barrels per day.