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Current location:HOME>> News>> Industry News>> US start to reactivate its shale oil wells
US start to reactivate its shale oil wells
AUTHOR:admin PUBLISHED:2016-06-08 CLICK:正在读取

As the oil price from the bottom reach back up to $50 USD per barrel, the shale oil producers began to regain vitality based on the oil price growth in the market recently. According to Baker Hughes, the oilfield services group, said on the 3rd of June, the United States had increased 9 new oil rigs in its shale oil fields last week and the total rigs came to 325.

There were more than 1000 oil rigs have been stopped drilling since early 2015 duo to the US energy industry suffered from the collapse in oil prices. It was the second time to increase the number of oil rigs by US since this year which means that is not far away for the oil producers to see the dawn of hope.

shale oil wells

According to the news from West Texas Intermediate Crude Oil Futures (TWI), the oil price rose $ 0.24 USD in the early morning trading on 3rd of June. However it fell $0.55 USD in the end of the daily trading duo to the message of an increase in the number of oil wells. The final price stayed on $48.62 USD/barrel. In spite of this, the cumulative price reached by 85% from the lowest point in this year.

A sharp drop in the output of world crude oil as Canadian wildfire and Nigeria's oil industry reeled from crippling attacks. Goldman Sachs reported last month said that excess supply of crude oil from reverse faster than expected. The target price adjusted to $50 USD from WTI for the end of this year. In addition, Barclays recently issued a report also pointed out that the oil market rebalancing ahead of schedule.

Furthermore, The US shale oil producer became more excited duo to the global demand increased in the oil market. A record from US Commerce Department on the 3rd of June shows that in April the daily crude oil exports from 508000 barrels last month grow to 591000barrels. It represents a stronger external demand from the outside of the world.

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