Replies to post #13271 on The Rising Influence of Rising Affluence

[OakesCS]

yup. happy days (being sarcastic).

some US producers are starting to hire and service companies are hiring for various horrible places to live but it appears that service companies are still trimming staff. The article u linked somehow translated 10000s whacked in the 2nd qtr 2016 to 10000s over the entire last 2 yrs. The correct number is somewhere in the neighborhood of 400k and that's a conservative estimate.

I'm getting whiffs of a lot of private equity companies sniffing around to buy assets and smaller producers. I still think we're past the bottom but it's beginning to feel like the 1980s early 1990s when US oil industry employment was very depressed.

[DewDiligence]

Deep freeze in oil-industry cap-ex beginning to thaw:

http://www.wsj.com/articles/energy-firms-step-up-business-investment-1480329000

[DewDiligence]

Global oil discoveries fell to record lows in 2016—in sync with sharply reduced exploration spending:

https://www.wsj.com/articles/iea-says-global-oil-discoveries-at-record-low-in-2016-1493244000

In 2016, oil discoveries amounted to just 2.4 billion barrels of potential oil, the lowest since the IEA’s records began in 1950. That is down from 6.4 billion barrels of discoveries in 2013, when oil prices were consistently above $100 a barrel and 16.3 billion barrels in 2010, the IEA said.

The global oil industry greenlighted projects amounting to over 4.8 billion barrels of oil in 2016, down from 21.2 billion barrels in 2014.