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Why $80 Oil Won't Destroy Demand

Why $80 Oil Won't Destroy Demand

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As Rig Count continues To Fall, Production Soars To Record Highs

Despite the dramatic plunge in rig counts, this week saw yet another surge in production to record highs and with storage levels getting close to full, it would seem - despite the bounce/squeeze in oil prices to $53 as the data hit - that supply remains well ahead of any demand. Total rig count dropped 98 to 1,358 - for the largest weekly drop of the 10 week run as cutting is accelerating rapidly - now down 30%. This is the biggest weekly rig count drop since 1993. West Virginia remains the relative hardest hit with rig count depletions but Permian Basin collapse 49 rigs to 369 this week.

-  US Oil Rig Count Down 84 to 1,056

-  Canada Rig Count +1

-  Total Rig count... biggest percentage weekly drop since 1993

Rig Count

with production remaining at record highs...

Oil production

Article by Zerohedge


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Leave a comment
  • Trevor on February 16 2015 said:
    Simple really. The drop in rig count is very recent - a couple of months? There is a lag between rig numbers and production as wells drilled in the last few months are being completed and put into production.
  • Louis on February 16 2015 said:
    May someone help me understand. If this "rig count" is only referring to the oil drilling rigs. What are / where can I find the data for the actual wells pumping oil every week?
  • Jerry Spetseris on February 17 2015 said:
    E-Z, P-Z, Louis. EIA at http://www.eia.gov/ is a good place to start for production reporting at the federal level and they have some breakdown to field and well at this site http://www.eia.gov/petroleum/drilling/?src=home-b3#tabs-summary-1. But to get production on a field or per well basis a commercial service is http://www.didesktop.com which serves as an aggregator of state drilling reports. Commercial means you have to pay to gain access. For free information, for example data on Texas well production, try http://www.rrc.state.tx.us/about-us/resource-center/research/online-research-queries/ which is the Railroad Commission online query site. It takes a while to figure out how data is organized but you will find data there (subject to lag time of when operators are required to submit electronically). Google the phrase "state oil and gas commission production data" to get links to other state's production data (reports).

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