US Drilling: A ‘Double-Dip’ Recession?

> Weekly rig count data from Baker Hughes shows that US drilling has again fallen in early September after rebounding to 883 in August. The number of active rigs has fallen to just 864 (see graph), the most recent data shows, a response to oil prices that have in recent weeks been languishing in the low-to-mid $40s/B for US marker WTI, way down on a June average of $60/B.

> The number of rigs in Iraq rebounded somewhat in August to 48 after collapsing to just 44 a month earlier, well below the recent high of 96 in June 2014. In addition to the perilous security situation in much of the country, some operators in the Kurdish north have cut back activity in response to a continued lack of payment for output (see p11). (CONTINUED - 262 WORDS)

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table GCC Drilling Eases Off In August As Iraq Appears To Rebound