27 April 2024
Rising US well productivity and rig counts likely to pressure oil and gas prices
Publication date: 18 April 2017
Gas Strategies Group
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ISSN: 0964-8496
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Widespread expectations that rising oil prices will encourage greater production of light tight oil (LTO) in the US, putting pressure on further upside, are borne out by the latest drilling productivity data from the US Energy Information Administration (EIA).
The price of Brent crude, the international benchmark, fell below USD 55/barrel this morning for the first time in over a week, following the publication of the EIA report.