Otmane El Rhazi : Lower 48 oil production outlook stable despite expected near-term reduction in rig count

Otmane El Rhazi from Today in Energy.



The sharp decline in oil prices over the last quarter of 2014, which has continued in January, is already having a significant effect on drilling activity in the United States, as shown by the 16% decline in the number of active onshore drilling rigs in the Lower 48 states between the weeks ending on October 31, 2014 and January 23, 2015.