OEF Rapid Review Articles
Mid-August saw the longest period of rig expansion since the final days of the drilling boom in early 2014, according to World Oil, marking the longest period of oilfield expansion since April of that year when drillers added oil rigs nine weeks in a row, reported Baker Hughes Inc. Prompted by an oil price recovery from a 12-year low in February, producers have begun returning parked rigs to service after idling more than 1,000 rigs since the start of last year. The long-term decline in drilling expansion has led to a slowdown in production. Crude output fell by 15,000 barrels per day to 8.45 million barrels per day during the week ended August 5th. “I think it’s just a matter of time before we come into balance,” Paul Crovo, a Philadelphia-based oil and equity analyst at PNC Capital Advisors said. “We think the fundamentals will take care of themselves as we come into the third quarter and later into the fourth quarter and early 2017.”
LINK TO THE SOURCE ARTICLE:
Rigs: Longest Oilfield Expansion Since 2014
LINK TO THE SOURCE ARTICLE:
Rigs: Longest Oilfield Expansion Since 2014