• 4 minutes China goes against US natural gas
  • 12 minutes WTI @ 67.50, charts show $62.50 next
  • 15 minutes Saudi Fund Wants to Take Tesla Private?
  • 1 hour Downloadable 3D Printed Gun Designs, Yay or Nay?
  • 23 mins Peak Oil is Now!
  • 12 hours Rattling With Weapons: Iran Must Develop Military To Guard Against Other Powers
  • 46 mins Russians hacking vs U.S., Microsoft President: Russians Targeting All Political Sides
  • 1 hour Corporations Are Buying More Renewables Than Ever
  • 7 hours VW Receives Massive Order Of 1,600 All-Electric Trucks
  • 15 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 19 hours CO2 Emissions Hit 67-Year Low In USA, As Rest-Of-World Rises
  • 22 hours The EU Loses The Principles On Which It Was Built
  • 12 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 22 hours Film on Venezuela's staggering collapse
  • 21 hours Saudi PIF In Talks To Invest In Tesla Rival Lucid
  • 18 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
Editorial Dept

Editorial Dept

More Info

Trending Discussions

Global Energy Advisory 14th July 2017

Oil

Growth in U.S. shale oil output might slow down in 2018 as oilfield service providers are finding it hard to respond to booming demand for their services, the head of business development of Halliburton, Mark Richard, said at the World Petroleum Congress that took place this week in Istanbul.

Richard said he expected the number of active drilling rigs in the United States to hit 1,000 by the end of this year, but after that their number will either remain flat or start declining: a rig count of 800-900 is more sustainable, Richard said. Last week, the rig count, as reported by Baker Hughes, hit the highest in more than 24 months, at 763.

Many see the increase in the number of U.S. rigs despite weeks of price drops of both WTI and Brent benchmarks as a sign of U.S. shale’s resolve in the face of a low-priced oil market. Others see it as a 3- to 6-month lag between prices and active rigs.

Oilfield service companies in the U.S. have enjoyed a comeback with a vengeance since oil prices first ticked above $50 a barrel, after having to spend the last couple of years offering discounts and slipping into the red, many barely surviving and many going under. Now demand for drilling equipment and services is back and oilfield service providers are raising their prices, shunning some jobs for lack of workforce and equipment, and basically turning the tables on oil and gas producers.

Prices, however, have been easing off in the last few weeks and unless something…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





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