U.S. Production Capacity North American oil and
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Posted On: 05/03/2017 12:02:18 PM
U.S. Production Capacity
North American oil and gas rigs have nearly doubled since this time last year, according to Baker Hughes. As of April, the region is just short of 1,000 rigs.
Often, the bears will take this as a sign that oil’s recovery may already be over. They forget that much of the production increases seen from the U.S. are still being made up for by cuts from OPEC.
As I said, this is the reason for the jumping stockpiles. U.S. production and exports are still ramping up, and all this new supply has to go somewhere in the meantime.
And why is the U.S. flourishing while OPEC flounders?
North American oil and gas rigs have nearly doubled since this time last year, according to Baker Hughes. As of April, the region is just short of 1,000 rigs.
Often, the bears will take this as a sign that oil’s recovery may already be over. They forget that much of the production increases seen from the U.S. are still being made up for by cuts from OPEC.
As I said, this is the reason for the jumping stockpiles. U.S. production and exports are still ramping up, and all this new supply has to go somewhere in the meantime.
And why is the U.S. flourishing while OPEC flounders?
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