Monday, 03 April 2017
U.S. Rig Count Up, OPEC Influence Down
Written by Bob Adelmann
An announcement on Friday by Baker Hughes, one of the world’s largest oil-field services companies, put one more nail in OPEC’s coffin. Despite the cartel’s attempt to manipulate world crude-oil prices to its benefit, the oil and gas rig count in the United States jumped by 15 last week and now sits at 824, an increase of 374 in just the last year.
Two days earlier, another nail had been pounded into place: The announcement that the number of drilled-but-uncompleted wells (DUCs) stands at 5,443, which, according to global energy consultancy Wood Mackenzie, translates into 300,000 barrels per day (bpd) of crude just waiting to come online and add to OPEC’s woes.
https://www.thenewamerican.com/economy/sectors/item/25736-us-rig-count-up-opec-influence-down
