US Oil Rigs Dive to Lowest

US Oil Rigs Dive to Lowest

US oil drillers began the year by slashing the number of rigs to the lowest in over five years, data showed on Friday, with analysts saying further reductions are almost certain as producers respond to a deepening oil price rout. Drillers cut 20 oil rigs in the week ended Jan. 8, the third-largest one-week decline since May, oil services company Baker Hughes Inc. said in its closely followed report, Reuters reported. The reductions occurred across every major shale patch, from the Permian to the Bakken. The remaining 516 rigs were the fewest since April 2010, according to the data, but few expect the slump to end there. Oil prices have dropped more than $10 a barrel over the past two months, about half of that in the past week. Lower prices are likely to be reflected in more idled rigs over the coming month or two. Over the prior five years (2010-14), producers added on average 216 oil rigs per year. In 2015, however, they cut on average 18 oil rigs per week.


Short URL : http://goo.gl/mvXHfW
  1. http://goo.gl/Lp82sw
  • http://goo.gl/iXUXBs
  • http://goo.gl/OEIe8j
  • http://goo.gl/MmpUvF
  • http://goo.gl/Ai1Ji6

You can also read ...

Russia Says US Sanctions on Iran "Unproductive"
United States' sanctions on Iran's oil industry are...
China to Cut Solar, Wind Subsidies
China will speed up efforts to ensure its wind and solar power...
Oil Coalition Seeks Consensus Ahead of Algiers Summit
With a critical meeting in Algiers fast approaching, a...
Abu Dhabi Planning Biggest Oil  IPO in Decade
Abu Dhabi is pushing ahead with an initial public offering for...
Crude Prises Higher as Supply Concerns Rise
Oil prices rose on Monday as investors worried about the...
Abadan  Refinery  Second Phase  on Track
The second development phase of Abadan Oil Refinery in...
New Power Capacity for Sistan-Baluchestan
Operations to build new combined-cycle power plants in...
ICOFC to Develop  Eight Gas Fields
Iranian Central Oil Fields Company plans to develop eight gas...