Nearly a third of U.S. oil executives believe they’ll be able to hire new workers next year if the oil downturn eases further, according to a new survey by professional services firm Grant Thornton and consultancy Hart Energy.
As FuelFix.com reports, the firms surveyed nearly 600 oil executives who acknowledged that it may be difficult to draw skilled employees back to the oil patch after the industry slashed thousands of jobs over a two-year period.
Still, 45% say they planned to increase spending next year, though just 17% say they’re ready to quickly ramp up activity when oil prices recover.
The plans to hike oilfield spending mark a stark change for an industry that has cut back on drilling and payrolls for more than two years after crude prices collapsed in 2014.
But the industry’s 2017 prospects still hinge on whether the Organization of Petroleum Exporting Countries will solidify plans to curb oil production at the end of the month. If the cartel’s negotiations fail, analysts tell FuelFix.com they expect crude prices to fall.
