Neighboring cities Midland and Odessa, Texas are no strangers to oil and gas booms. Drilling booms have come and gone in this area for nearly a century.

Since we’re experts in oilfield factoring and other factoring services, we’ve been paying close attention to the results of the OPEC meeting. The hopeful outcome of the OPEC meeting and negotiations was a widely-accepted oil output freeze or, even better, a reduction in oil output.

Trying to forecast oil prices this year has left many at a complete loss. Investment banks, national and supranational organizations and rating agencies have all been baffled at how much oil prices fluctuated throughout 2016.