American Shale Producers are Ramping up Drilling
Bloomberg writes that drillers in US shale regions are again trying to recover from the decline in activity by increasing the number of oil rigs
According to Baker Hughes, the number of oil rigs in the US immediately increased by 6 pieces to 500. This is the largest weekly increase since the end of February. The units were required for geological exploration in the Permian Basin of West Texas and New Mexico.
Drilling rig activity has shown signs of recovery in the recent past, but has fallen to a new low this year. Opinions from major land rig contractors during the latest round of earnings reports showed that drilling growth should resume in the final three months of the year.
According to a report from the US Energy Information Administration, oil production in the Permian Basin will not stop growing until the end of 2023.
A month ago, the American department was more pessimistic.
However, the main thing is that, according to various experts, the Permian Basin is reaching its production “ceiling” this year, so it will then experience a decline in production.
