Marcus Hiles Discusses OPEC Decision’s Affect On Houston Energy Sector

Two months since the Organization of the Petroleum Exporting Countries’ (OPEC) historic agreement to stabilize the market by reducing crude production for the first time in eight years, per-barrel prices have nearly doubled after dropping to a low of $26 in February of last year. In Greater Houston, the heart of U.S. oil production, the deal has accelerated the industry’s recovery from a two-year downturn and spurred local economies. Texas real estate expert and CEO of Western Rim Property Services, the state’s largest affordable luxury property developer, Marcus Hiles predicts that as Houston based energy companies continue to hire and grow in 2017, communities throughout the metropolitan area will see higher employment rates and corresponding wage increases.

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