47617
US Drillers Bring Back Rigs in Longest Streak Since 2014
US Drillers Bring Back Rigs in Longest Streak Since 2014

US Drillers Bring Back Rigs in Longest Streak Since 2014

US Drillers Bring Back Rigs in Longest Streak Since 2014

US oil producers added rigs for the seventh week in a row, the longest period of expansion since the final days of the drilling boom in early 2014.
Rigs targeting crude in the US rose by 15 to 396, after seven were added last week, Baker Hughes Inc. said in a statement. Explorers have now added 66 rigs since June 24, led by rising activity in the Permian Basin in West Texas, Bloomberg reported.
This week’s additions mark the longest period of oilfield expansion since April 2014, when drillers added oil rigs nine weeks in a row. In the Permian, the country’s largest shale play, the count increased by 12 to 189 this week. A total of 56 oil rigs have been brought back to work in the area since mid-May.
"This is all about the Permian Basin," said James Williams, president of WTRG Economics in London, Arkansas. "All the evidence is that the economics are best for producing oil in the Permian Basin, but a 12-rig jump in one area is still a surprise."
Oil is heading for its biggest weekly gain since April after Saudi Arabia signaled it is prepared to discuss actions to stabilize markets at OPEC talks next month in Algiers.
"If this meeting in Algeria wasn’t in the wind, this would have knocked prices off by probably about a buck," said Williams.

Short URL : http://goo.gl/iIVVLv
  1. http://goo.gl/TQ9PNA
  • http://goo.gl/3UN9oS
  • http://goo.gl/Lp7NCp
  • http://goo.gl/QRj2FR
  • http://goo.gl/7MQ387

You can also read ...

The OGCI initiative is now made up of BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Pemex, Petrobras, Repsol, Saudi Aramco, Shell and Total.
ExxonMobil, Chevron and Occidental Petroleum are joining the...
New Delhi Will Pay for Iranian Oil in Rupees
India may revert to paying Iran in rupees for the oil it buys...
Zanganeh to Veto OPEC Decisions Against Iran
Oil Minister Bijan Namdar Zanganeh on Thursday said he would...
US Wants Lower Oil Prices  for Protecting Arab States
US President Donald Trump on Thursday demanded OPEC lower...
Iraq Crude Exports From South Nearing Record High
Crude oil exports from southern Iraq are close to a record...
MAPNA to  Build Petrochem,  Power Plant in Parsian SEZ
Iran's top engineering and energy enterprise MAPNA Group is...
US Oil Sanctions to Harm Int'l Economy
Imposing sanctions against oil producing states like Iran will...

Trending

Googleplus