Baker Hughes US oil rig count 515 vs 513 prior - ForexLive
Baker Hughes US oil rig count 515 vs 513 prior | Forexlive
Baker Hughes US oil rig count
- Natural gas rigs +8
There's about a 12 month lag from US drilling to production. I suspect we've bottomed here but it's tough to say how quickly it will rebound. Yes, oil is at $90 but OPEC+ has 4 million barrels per day in spare production and oil company shareholders are trying to enforce discipline. There are also questions about drilling inventory 3-4 years out.
Related Knowledge Center: ENERGY BASICS: fossil fuels
Fossil fuels — coal, oil and natural gas, primarily — remain the dominant energy sources for much of the world, with their accompanying infrastructure of mines, drilling and production wells, pipelines and various forms of transportation. But they have become more problematic as governments struggle to address climate change and pivot to energy sources that do not result in carbon dioxide emissions.