Mexico’s oil and gas sector has been struggling to stay afloat, amid a worldwide glut and a global supply glut that has kept prices down and spurred oil producers to slash jobs.
But some industry experts believe it’s because of the massive price increases that have hit U.S. shale producers.
That’s led to a dramatic increase in layoffs across the industry, with the number of oil and natural gas jobs across the country soaring in the past year, according to the Houston-based American Petroleum Institute.
It said the industry is now losing more than 500,000 jobs annually, and expects to lose another 5.4 million by 2020.
Ahead of the announcement, the IEA said the U.N. Energy Summit, held annually in the Swiss city of Davos, was set to focus on “the future of energy,” and will “help catalyze investment and job creation.”
The group will also highlight the importance of addressing climate change and improving the supply chain.
According to a news release, the group will be focusing on how the industry can help to create a more resilient energy system, while ensuring that energy-saving technologies like biofuels and clean energy technologies, are deployed and implemented.