RE:RE:RE:RE:something is not right...In the past six years the application of technology and advanced drilling techniques have led to a much higher extraction rate. That is why the shale sector has boomed and vaulted the U.S. into the top producer spot.
baranja wrote: Right,.. but not just that. take a look at 2014 data. This is when they anounced they produce like Saudis or Russia, about 12 Million barrels per day, and since that, oil price started collapsing and shares start to get dumped.
https://www.aogr.com/web-exclusives/us-rig-count/2014
This is when total number of Rigs was about 2000... YES 2000, now it is almost 3.5 times less,.. 600 and it is going down. How come the same "production" number of 12 million bpd is still shown.
Based on that, US couldn't produce more then 5 million,.. while needing 21 millions for day to day work.
That's what doesn't make any sense.
LoneWolf3579 wrote: I agree with you I looked at the data and from absolute number perspective it shows average production a year ago with over 1,000 rigs to be the same approximately as barely 600 rigs...makes no sense at all