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Number of US oil rig fell to the lowest since August 2011

According to the Reuters news agency reported on February 13, the oil rig number fell by 84 to 1056 on February 9, this is the lowest number since August 2011, clearly shows that the oil price collapse has for oil production enterprises.


Oil service companies Baker Hughes Inc in its closely watched report said, according to the data back to 1987, this is the second big weekly decline, and it is falling for 10 weeks.


Since last June to the end of January this year, U.S. crude oil prices have collapsed down nearly 60%, due to the excess supply and demand market downturn, forcing the Apache Corp and Anadarko Petroleum corp. and other oil companies to cut spending. But oil has rebounded more than 15% since the end of January, partly because of the expected number of oil rig down will eventually reduce U.S. oil production, thereby reducing excess supply.


But, according to federal data, although by reductions in oil well drilling, oil production in the United States last week hit its highest close since 1973, 9.2 million barrels a day. "I think people start to think that, although the oil rig decline, but in the short term will not affect production, have to a few months time will affect," Tyche Capital Advisors executives Tariq Zahir said.


Two weeks ago, oil rig in Baker Hughes report to reduce after 94, the price of crude oil rose more than 8%. U.S. crude CLc113 day rose $1.57, or 3%, to settle at $52.78 a barrel. Oil rig has relatively high in October last year fell 34%, but many analysts expect will reduce further, as companies plan to cut spending.


The report says the number of oil rig in the month of October last year hit a record high since 1609, over the past 18 weeks have 15 weeks to reduce.

Tags:  Oil Rig  Oil Well Drilling 

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