by Izabella Kaminska

Here’s a good visual representation of just how much production has been taken out of the oil market in the US, and why with the combined cuts out of Opec, a new supply/demand balance may indeed have finally been reached.

According to Friday’s Baker Hughes report North American drilling rig totals fell for a sixth straight week. Specifically, for the week ended February 27th, the US lost 57 rigs, mostly gas and mostly onshore Texas and Oklahoma. And according to figures from Stephen Schork of the Schork Report rig numbers are now a third below their five-year norm.

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This entry was posted on Monday, March 2nd, 2009 at 1:22 pm and is filed under Oil and Gas, Oklahoma. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.