• 5 minutes Trump vs. MbS
  • 9 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 15 minutes Can the World Survive without Saudi Oil?
  • 2 hours WTI @ $75.75, headed for $64 - 67
  • 27 mins Who's Ready For The Next Contest?
  • 19 mins The end of "King Coal" in the Wales
  • 26 mins These are the world’s most competitive economies: US No. 1
  • 44 mins The Dirt on Clean Electric Cars
  • 8 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 10 hours Saudi-Kuwaiti Talks on Shared Oil Stall Over Chevron
  • 51 mins EU to Splash Billions on Battery Factories
  • 9 hours Coal remains a major source of power in Europe.
  • 17 hours Poland signs 20-year deal on U.S. LNG supplies
  • 2 hours Petrol versus EV
  • 5 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 2 hours 10 Incredible Facts about U.S. LNG
Alt Text

Large Crude Build Forces Oil Prices Lower

Oil prices slipped on Wednesday…

Alt Text

Iran: Saudis Aren’t Replacing Our Oil Exports

Iranian Petroleum Minister Bijan Zanganeh…

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


x


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