Oil explorers expand US drilling by most in a year
[NEW YORK] US oil explorers increased the number of drilling rigs this week by the most in a year as domestic crude production roared toward unprecedented highs.
Working rigs drilling for American crude rose by 26, bringing the total to 791, the biggest one-week increase since Jan 20, 2017, according to Baker Hughes data released Friday.
Despite the worst weekly drop in crude prices in almost a year, prices remained close to US$60 a barrel, high enough to entice drillers to boost production and use financial instruments to lock in future profits.
Worldwide oil demand is "rock solid", Jeffrey Currie, global head of commodities research at Goldman Sachs Group Inc, said in a Bloomberg TV interview on Friday.
US oil output topped 10 million barrels a day last week for the first time in decades, challenging Saudi Arabia and Russia for dominance in the world crude market. American explorers are expected to break through the 11 million-barrel mark later this year.
BLOOMBERG
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Anglo rejects BHP takeover bid as significantly undervalued
India rice prices at three-month low on shrinking demand
Gold prices set for weekly decline ahead of US inflation data
Pricey coffee is here to stay as hoarding, heat hit Vietnam supply
Oil settles higher as weak US economic growth offset by supply concerns
India's Vedanta misses Q4 profit estimates on lower prices