Oilfield Housing Picking Up
Mattress World expects to have a better year due to an increase in oil production for West Texas. After the downturn in the oil production and activity over the past couple of years it is a welcome sight to see what is coming.
West Texas’s Permian Basin will be the only U.S. oil-producing area to see an increase in production this year, with the number of wells there rising by more than 30% and outpacing major basins in North Dakota and south Texas.
That’s from analysts at Barclays, who also predicted the Permian basin’s production will continue to exceed its pipeline capacity, a bottleneck point expected to last at least until a new pipeline is completed next year.
The Permian’s oil output looks to increase by 350,000 barrels a day year over year, and by 490,000 barrels a day from the fourth quarter of 2016 to fourth quarter 2017, the analysts said.