Speaking Of Free Rides: Looks Like Kuwait Is Getting A Free Ride; Worth Repeating -- Kuwait Has Added Almost 50% More Active Rigs In The Past Year; Kuwait Has Added 34% More Rigs Since The Announcement Was Made To Cut Production -- March 13, 2017

Posted earlier today, but worth repeating. Note the huge jump in active rigs by Kuwait.

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:

• 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 

For those who like statistics:

• 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

Disclaimer: I often make simple arithmetic errors.

A huge thank you to a reader for bringing this to our attention. It speaks volumes.