HOUSTON, TX, April 13, 2020 – Petroleum Equipment and Services Association (PESA) President Leslie Shockley Beyer made the following statement regarding the OPEC+ agreement to reduce oil production beginning in May.
“The oilfield services and equipment (OFS) sector applauds the historic agreement to reduce oil production and supply in response to lower energy demand because of the COVID-19 pandemic. This historic agreement should help stabilize energy markets and position the industry to fuel the world’s economic recovery when the pandemic is defeated.
PESA represents the oilfield equipment and services sector (OFS), which has been hit incredibly hard. This sector represents oilfield equipment manufacturing, drilling, completions, pressure pumping and more. These are energy technology companies, providing the innovations that keep the U.S. and our allies from relying on foreign sources of energy. The OFS sector is critical in driving the breakthroughs that will deliver an increasingly lower-carbon future to the world.
American’s OFS sector employs more than half a million men and women. While this sector will be hurt by lowered demand and reduced production, the agreement offers the opportunity to make longer-term plans that could saves tens of thousands of jobs.”
PESA Communications Director