Skip to comments.Oil Drops as U.S. Drilling Growth Threatens to Counter OPEC Cuts
Posted on 03/20/2017 4:19:48 PM PDT by artichokegrower
Oil fell as a U.S. drilling revival undermines the potential for OPEC output curbs to rebalance the market.
Futures dropped as much as 1.9 percent in New York. Saudi Arabian Energy Minister Khalid Al-Falih said on March 16 that the kingdom may extend its cuts if supplies stay above the five-year average. A day later, though, data showed the U.S. rig count growing for a ninth week, and a Libya official said Sunday that the Es Sider and Ras Lanuf ports are preparing to restart oil exports.
(Excerpt) Read more at gcaptain.com ...
The Muslim Oil Cartels where counting on President Hillary propping up their monopoly by shutting down American oil exploration and drilling through the EPA envirocrap, (for a healthy donation to the Clinton Foundation, of course). That bet didn’t work out so well....
Thousands of college grads who used to work in the oil sector are out of a job because of a decline in oil prices.
There is no joy in Texas and Oklahoma.
Rig count is up substantially.
Send them my way. I’m in the industry and can’t find people to hire fast enough for the uptick in activity we are seeing.
Let’s export again.
Customers: Japan, Germany and California.
Not everyone in the oil industry works on a rig, but some design refineries or LNG processing facilities.
Exposing my ignorance here, but how does the rig count handle a rig that instead of drilling possible production wells, has accepted a contract from the state to properly close orphan wells?
The United States is exporting oil:
The U.S. Is Exporting Its Oil Everywhere
Three months since the U.S. lifted a 40-year ban on oil exports, American crude is flowing to virtually every corner of the market and reshaping the worlds energy map.
I am as ignorant as you are regarding the significance of rig count. Rigs are considered upstream in the oil industry while refineries and gas plants are considered downstream facilities.
Price is dropping.
Can’t have both going on for very long.
Lower gas prices at the pump are a massive tax cut for lower and middle class
Japan, Germany and California would prefer to receive LNG over crude oil because the former type of fuel is clean burning and is more versatile than crude which still has to be processed. LNG Can be used in power plants as well as in transportation fuel.
The market giveth and the market taketh away. With easier permitting I believe both will pick up.
What kind of positions? My son graduates in June with a chemistry degree...anything like that needed?
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