Increased drilling may slow pace of U.S. lower 48 states crude oil production declines: U.S. EIA

*US weekly offshore rig count.

*US weekly offshore rig count.

22 July 2016, Lagos — The U.S. Energy Information Administration’s new This Week in Petroleum report looks at the increase in U.S. oil drilling, which may soften the decline in domestic oil production.

“Higher and more stable crude oil prices are contributing to increased drilling in the United States, which may slow the pace of production declines…The Lower 48 states onshore oil active rotary rig count, as measured by Baker Hughes, stood at 336 rigs on July 15, 29 rigs above the end-June number. While declines from existing wells are expected to result in a net decrease in production, increased drilling and higher well productivity are expected to soften the decline.”
*EIA

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