• 5 minutes Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 11 minutes Saudi Fund Wants to Take Tesla Private?
  • 17 minutes Starvation, horror in Venezuela
  • 2 hours WTI @ 67.50, charts show $62.50 next
  • 7 hours Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 8 hours Mike Shellman's musings on "Cartoon of the Week"
  • 3 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 13 hours Venezuela set to raise gasoline prices to international levels.
  • 3 hours WTI @ 69.33 headed for $70s - $80s end of August
  • 7 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 12 hours Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 20 hours Renewable Energy Could "Effectively Be Free" by 2030
  • 19 hours Corporations Are Buying More Renewables Than Ever
  • 8 hours Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 24 hours Again Google: Brazil May Probe Google Over Its Cell Phone System
  • 9 hours France Will Close All Coal Fired Power Stations By 2021
Alt Text

The Productivity Problem In The Permian

The pipeline capacity crisis in…

Alt Text

Oil Demand Growth Starts To Weaken In Asia

Oil demand from Asia’s key…

ZeroHedge

ZeroHedge

The leading economics blog online covering financial issues, geopolitics and trading.

More Info

Trending Discussions

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

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




Back to homepage

Trending Discussions


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).

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News