The Texas energy sector has managed to add jobs and increase oil and gas production in the past 12 months despite lower oil prices, but fears of a slowdown loom for the rest of this year and into 2020, according to a midyear “State of Energy” report.
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The new report from the Texas Independent Producers & Royalty Owners Association highlights the industry’s ability to advance technologically and gain efficiencies, but it also warns that slowing activity levels and economic headwinds could make for a challenging future – at least in the near term.
Global oil demand growth is slowing, crude prices are muted, and a driving force behind all of this – the U.S.-China trade war – has shown more recent signs of escalating rather than settling.
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