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Baker Hughes US oil rig count unchanged this week

Oil rigs unchanged at 512Gas rigs down 1 to 114Oil rigs down 16% from the peakIf I'm OPEC+ and looking at this, I feel totally in control. There's no surge of US production coming to counter OPEC cuts.Some notes from John Kemp:Based on the historical record, after prices peak it takes on average 5 months for drilling to turn down and 12 months for production to decline.Following the drilling peak, Lower 48 output is likely to peak in the third quarter of 2023Flat or falling Lower 48 productio... Read More

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Posted: Sep 1 2023, 17:14

Author Name: forexlive

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