Mexico



Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

 

Baker Hughes reports: U.S. oil rig count ends 2017 40 pct above year-ago levels

 

 

 

By Reuters

BENGALURU
Petroleumworld 01 02 2018

The U.S. oil rig count rose by about 42 percent by end-2017 compared to the corresponding period last year, as energy companies boosted spending amid a recovery in crude prices.

Drillers held the number of oil rigs steady for a second straight week at 747 in the week to Dec. 29. That was 222 more than the 525 rigs at the end of 2016, General Electric Co's Baker Hughes Inc energy services firm said on Friday. RIG-OL-USA-BHI

The oil rig count, an early indicator of future output, remained unchanged in December after rising by 10 in November. It declined by 3 in the fourth quarter after falling by 6 in the third quarter.

U.S. oil prices closed above $60 a barrel for the first time since mid-2015 on the final trading day of the year, ending 2017 with a 12 percent gain spurred by strong demand and declining global inventories.

Oil prices had been boosted by signs the global crude glut that has dogged the market since 2014 is shrinking, as a year of production cuts led by Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) and Russia helped tighten the market.

OPEC cuts kicked off last January and are scheduled to continue throughout 2018.

In 2017, U.S. crude futures have averaged about $51 a barrel, easily topping last year's $43.47 average.

Looking ahead, futures were trading at about $59 for the balance of 2018 and $56 for calendar 2019.

In anticipation of higher prices in coming years, U.S. financial services firm Cowen & Co said 21 of the roughly 65 E&Ps they track have already provided capital expenditure guidance for 2018 indicating a 13 percent increase in planned spending over 2017.

Cowen, which has its own U.S. rig count, said it expects a gradual decline in the count in 2018.

There were 929 oil and natural gas rigs active on Dec. 29, up 41 percent from the 658 at the end of 2016.

The average number of rigs in service in 2017 was 876. That compares with 509 in 2016 and 978 in 2015. Most rigs produce both oil and gas.

U.S. crude oil production in October hit the highest in more than 46 years, rising by 167,000 barrels per day (bpd) to 9.64 million bpd, U.S. Energy Information Administration's monthly production report on Friday.

If the figure is not revised next month, it would be the highest monthly level since May 1971.



Reporting by Vijaykumar Vedala in Bengaluru; Editing by Meredith Mazzilli from Reuters.

reuters.com 12 29 2018

We invite all our readers to share with us
their views and comments about this article.
Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

 

TOP

Contact: editor@petroleumworld.com,

Editor & Publisher:Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld   / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.