U.S. Drillers Are Idling Rigs At A Tape Pace
The U.S.A. rotary rig count from Baker Hughes was downwards 48 at 1,310 for the calendar week of Feb 20, 2015. It is 461 rigs (26.0%) lower than concluding year. The publish of rotary rigs drilling for crude was downwards 37 at 1,019. There are 406 fewer rigs targeting crude than concluding year. Rigs drilling for crude stand upwards for 77.8 per centum of all drilling activity.
Three months afterwards Kingdom of Saudi Arabia made clear it was going to allow crude prices decease on tumbling, the strategy is showing signs of working. U.S.A. drillers are idling rigs at a tape pace, gutting investment plans as well as laying off thousands of workers.
The U.S.A. Energy Information Administration reduced its 2015 U.S.A. unsmooth production forecast to 9.3 ane M k barrels a 24-hour interval inwards Feb from 9.42 ane M k inwards November. The environmental impact assessment projects output volition autumn inwards the 3rd quarter for the get-go fourth dimension inwards 4 years.
Oil has rebounded xiv per centum inwards February, next a drib of to a greater extent than than fifty per centum since June, inwards business office because of the reject inwards drilling, which signaled render increment volition slow. Lower prices likewise spurred ask from attain out hunters, putting European benchmark Brent unsmooth on runway for its get-go monthly gain since June.
Three months afterwards Kingdom of Saudi Arabia made clear it was going to allow crude prices decease on tumbling, the strategy is showing signs of working. U.S.A. drillers are idling rigs at a tape pace, gutting investment plans as well as laying off thousands of workers.
The U.S.A. Energy Information Administration reduced its 2015 U.S.A. unsmooth production forecast to 9.3 ane M k barrels a 24-hour interval inwards Feb from 9.42 ane M k inwards November. The environmental impact assessment projects output volition autumn inwards the 3rd quarter for the get-go fourth dimension inwards 4 years.
Oil has rebounded xiv per centum inwards February, next a drib of to a greater extent than than fifty per centum since June, inwards business office because of the reject inwards drilling, which signaled render increment volition slow. Lower prices likewise spurred ask from attain out hunters, putting European benchmark Brent unsmooth on runway for its get-go monthly gain since June.
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| The U.S.A. rotary rig count from Baker Hughes was downwards 48 at 1,310 for the calendar week of Feb 20, 2015. |
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