Oilfield Housing on Hold
While Oilfield Housing is on Hold, oil prices have just hit an 18 month new high. This is promising news for the future of the oilfield housing business. Most would agree that one of the problems causing the low oil prices and limiting production here in Texas has been too much supply of oil around the world.
January 1st marked the official start of a deal agreed by the Organization of the Petroleum Exporting Countries and other exporters such as Russia to reduce output by almost 1.8 million barrels per day.
“First signals suggest the OPEC and non-OPEC production cuts are raising hopes that the global oil oversupply will diminish,” said Hans van Cleef, senior energy economist at ABN AMRO Bank N.V. in Amsterdam.
Mattress World Furnishings in Roanoke, Texas is still relying on the long game of the oil industry. “We have made some strong commitments to the oilfield housing industry that we intend on standing behind.” said Lance Rankin, Senior Vice President at Mattress World, LLC. Mattress World is still operating a large oilfield housing and disaster relief depot in Roanoke, Texas. In 2016 things slowed over the previous years. In the coming year and years ahead, Mattress World Furnishings is ready to leap into action upon the return of higher oil prices and new production.
As we all watch the global markets of oil and oil production, we are optimistic that 2017 will be a great year. We expect the oil prices to continue to rise and for production to pick up in the Texas and Oklahoma region. This will create some new jobs and will be a big shot in the arm for the petroleum industry here in Texas.