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Chart of the Day: Oil and rigs

The number of active rigs, after dropping to the lowest point in years have recovered 35 percent or more from the bottom. The oil production in the United States that declined by more than a million barrel from its peak …

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Chart of the Day: Oil and rigs
Chart courtesy - Bloomberg Briefs

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The number of active rigs, after dropping to the lowest point in years have recovered 35 percent or more from the bottom. The oil production in the United States that declined  by more than a million barrel from its peak is yet to start recovering. 

If that do starts to recover, it could put a doubt mark on the remarks that shale oil can't compete with low prices from the Middle East.

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