U.S. Weekly Oil Rig Count Is steady

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U.S. ,Oil Rig

Weekly oil rig count of the U.S. has been stable this week, though a few experts think that there will be a small decrease in the rig count in the 2018 end.

A year ago, before Energy Company started increasing their spending on the energy sector (especially the drilling activities), the rig count was held at 471. This year till November 17th it was at 738.

This increase in drilling lasted till October this year, after which a few manufacturers decreased the spending on drilling activities. But a few companies are still investing and spending in huge amounts on these activities due to the expectations of having better rig count in coming year of 2018.

U.S. financial service provider Cowen stated that they have tracked 64 E&P companies in the U.S., out of which 14 have already officially made a plan to increase the spending as high as 9%, in the year of 2018.

As per the statement given by the head of International Energy Agency’s (IEA) Fatih Birol, The United States would still be the leader and unbeatable producer of oil and gas across the world. The country is estimated to hold 80% of the worldwide oil production in coming decade.

The U.S, is expected to manufacture 30% more gas than Russia in the decade to come, one expert based in Paris said.

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