Kuwait becomes first OPEC nation to call for longer oil cuts -- from Bloomberg.
By the way, a reader spotted this: in February, 2017, Kuwait activated 7 more drilling rigs, going from 52 in January, 2017, to 59, in February, 2017. Something tells me OPEC is keeping a couple of set of books on oil production. The source: http://phx.corporate-ir.net/phoenix.zhtml?c=79687&p=irol-rigcountsintl.
In fact, as long as we are at it, here are the number of active rigs Kuwait has/had according to BHI:
For those who like statistics:
- February, 2017: 59 -- another huge jump again in rigs in February
- January, 2017: 52 -- note huge jump in rigs after November announcement
- December, 2016: 44
- November, 2016: 47 -- announcement -- OPEC cut
- October, 2016: 48
- September, 2016: 48
- August, 2016: 47
- March, 2016: 41
- February, 2016: 43
- January, 2016: 40
- from 44 to 52, an 18% jump in the number of active rigs, month-over-month
- from 52 to 59, a 13% jump, month-over-month
- from 44 to 59, an incredible 34% jump in the number of active rigs since the November meeting to cut production
- from 40 (January, 2016) to 59 (February, 2017): a 48% jump in the number of active rigs
A huge thank you to a reader for bringing this to our attention. It speaks volumes.
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