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U.S. oil rig count and WTI spot price

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The U.S. oil-directed rig count totaled nearly 1,600 rigs in the fall of 2014. However, the decline in oil prices over the past 18 months has reduced drilling activity, with just 413 rigs operating as of February 19, 2016

Low oil prices and reduced capital expenditure for drilling new wells have been reflected in declining crude oil production in the United States since May 2015, despite the continuing increase in initial production rates of the new wells that were still being drilled and completed. Oil production from new wells has so far been able to keep U.S. crude oil production from falling significantly below its level in late 2014. However, EIA's Short-Term Energy Outlook projects that U.S. oil production will decline over the next two years, falling to 8.7 million b/d in 2016 and to 8.2 million b/d in 2017.

http://www.eia.gov/todayinenergy/detail.cfm?id=25472

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