US drill rig count continues to rise as worldwide count appears ready to fall

By James Sean Dickson
Published: Wednesday, 08 October 2014

Baker Hughes rig count data shows a sustained rise in oilfield drilling over the past year for the US. Despite strong geopolitical instability in large production regions, oil prices have fallen recently on the back of strong US domestic production and Japanese plans to restart nuclear reactors. This raises the question of whether can the US sustain the frac sand boom on lower oil and gas prices, and whether the rest of the world due a fall in rig counts as demand falters.

According to data from oilfield services firm Baker Hughes the US drill rig count has continued to rise following a brief May-June plateau.

The US Department of Energy, meanwhile, has produced figures suggesting domestic crude oil production has rapidly increased to levels not seen since 1989.

Geopolitical problems in the...

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