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The Falling Rig Count can not stop the oil price slide



Oil platforms

Baker Hughes reported this week's decline in oil and gas supplies in the United States. According to the report, the total number of active oil and gas drilling equipment is 1076, the number of active oil drill rigs is increased from 2 to 887, and the number of gas drilling rigs – by 5, reaching 189 points.

The volume of oil and gas supply last year is 147 times, of which 138 are in oil extraction platforms.

Crude oil prices fell on Friday and were identified as worthless in November as the worst oil month over the past ten years, as concerns over supply and slower demand growth were a priority over expectations that OPEC + would agree to restrict oil production at meetings 6 and 7. December

The WTI benchmark traded at 0.35% (-0.18) at $ 51.27 at noon. 12.42 after EST- $ 4 per barrel weekly slideshow per week. The Brent oil price fell by 0.45% (-0.27) at $ 59.64, moreover by almost $ 4 per barrel.

During the week at the oil and gas works week, Canada's oil and gas stations fell by 5, last week after 7 drilling rigs were purchased last week, a total oil and gas production plant of 199, which is 23 less than last year, and the number of oil platforms and gas platforms that are stable for a week decreased by 5 times.

EIA calculations for US production in the week ending 23 November continue to weigh prices, on average reaching 11.7 million bpd for the third week in a row and the highest production levels in the United States.

Until 01:07 EDT, WTI fell further in red, reaching 0.43% (- $ 0.22) for $ 51.23 a day. Brent crude oil was 0.52% (- $ 0.31) at $ 59.60 per barrel.

By Julianne Geiger on Oilprice.com

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