North American upstream companies continue to slash spending but demand growth could turn that around within the next 18 to 20 months. Cuts to capital spending in the North American exploration and production (E&P) sector is a stark reminder that during much of the year companies have had to tighten their belts in response to dismal crude oil prices. Estimates show that cuts have hit 30 percent in 2015, and could drop another 20 percent in 2016. In and of itself, there’s the argument to be made that the high-dollar spending isn’t altogether necessary. In Russia, Saudi Arabia and other OPEC countries, billions have gone downhole and yielded little results, whereas production in the United States increased through efficiencies. And that could be the opening the United States needs to reclaim its competitive advantage in global supply and demand. While analysts suggests a recovery could be two years away, […]