United States

Market Update: Oil & Gas - June 2015

Jun 23, 2015
From the Global Energy Institute


OPEC’s strategy, intended to displace vulnerable US shale oil producers, appears to be on course, if rig count data is to be believed. Data published by Baker Hughes revealed that the number of oil and gas rigs employed in the US declined to 889 in May 2015, a 52 percent year-on-year fall. However, a sustained recovery in oil prices could see a flurry of players re-enter the market – particularly those with low set-up costs and equipment ready to deploy.