84342
US Boosts Shale Rigs Again
US Boosts Shale Rigs Again

US Boosts Shale Rigs Again

US Boosts Shale Rigs Again

Shale drillers boosted drilling activity in the US oil patch to the highest in three years even as American crude output touched unprecedented levels.  US working oil rigs rose by 11 this week to 808, the highest since March 2015, according to data from Baker Hughes. It’s the ninth increase in the past 11 weeks, World Oil reported. Oil explorers are expected to crank up spending in the US by 37% to $134 billion this year, assuming an underlying average oil price of $65 per barrel, according to Raymond James & Associates Inc. That would follow a 77% hike in 2017, analysts such as Pavel Molchanov and Marshall Adkins wrote this week in a note to investors. “US spending will still likely be up sharply, even as public E&Ps become more returns driven,” the analysts wrote. “If oil prices remain in the mid-$60s, there is clearly room to flex up spending as the year progresses, since many of these budgets were set on the assumption of mid-$50s oil.”

Short URL : https://goo.gl/MEDC7W
  1. https://goo.gl/U3Hmmy
  • https://goo.gl/Ew8MNM
  • https://goo.gl/8AtznD
  • https://goo.gl/mKthAe
  • https://goo.gl/JdCGtM

You can also read ...

Norway Intends to Build First Offshore Floating Wind Farms
Norway’s Petroleum and Energy Minister Terje Soviknes will...
Venezuela Oil Production May Soon Sink to 1m bpd
Venezuela’s plummeting oil production is nearing the...
GAP envisages the construction of 22 dams and 19 power plants.
Turkey is taking advantage of its abundant supply of ...
OPEC+ to Discuss Q3 Output Surge
The planned increase of crude production by OPEC+ nations of 1...
Egypt Hikes Fuel Prices by 50 Percent
Egypt has raised gasoline prices by up to 50%, its oil...
US-Saudi  Oil Increase  Plan a Ploy Against OPEC
The US political pressure on Saudi Arabia to boost oil output...
Oil Ministry to Modify Contracts With Domestic Parts Producers
The Oil Ministry plans to modify the contracts it had earlier...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus