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US Rig Count Rise Continues: What Will OPEC Do If The Market Doesn’t Rebalance?

Friday, February 10, 2017 16:17
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(Before It's News)

zerohedge.com / by Tyler Durden / Feb 10, 2017 1:04 PM

EIA confirmation of OPEC cut-compliance is trumping the dismal inventory data and surging US production for now. However, as US oil rig counts continue to rise (+8 to 591 – highest since Oct 2015) with US crude production charging ahead with it, the question many should be asking (given all-time record high net long speculative positioning in WTI/Brent) is “what will OPEC do if the market doesn’t rebalance?”

The rise in rig counts has been all Permian and all horizontal. Oil rig counts rose 8 this week to 591 – the highst since Oct 2015

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The post US Rig Count Rise Continues: What Will OPEC Do If The Market Doesn’t Rebalance? appeared first on Silver For The People.



Source: http://silveristhenew.com/2017/02/10/us-rig-count-rise-continues-what-will-opec-do-if-the-market-doesnt-rebalance/

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