When the global economy bounces back those rigs will cycle back on again.

Some companies are going out of business because the "boom" is over...that doesn't mean those wells are gone. They will just get scooped up by the surviving companies.

Most analysts are saying that the era of >$100/Bbl oil is over never to return. The future is more likely to be < $40/Bbl oil with transient excursions up to $50-$60/Bbl range. Under these conditions, the smaller independent oil companies in the US that were heavily invested in unconventional fracking are going bust.

IEA releases Oil Market Report for March

Estimate of decline in non-OPEC output for 2016 is cut by 12%

11 March 2016

Global oil supplies eased by 180 000 barrels per day (180 kb/d) in February, to 96.5 million barrels per day (mb/d), on lower OPEC and non-OPEC output, the newly released IEA Oil Market Report (OMR) for March informs subscribers. But production stood 1.8 mb/d above a year earlier, as a slight decline in non-OPEC was more than offset by OPEC gains. Non-OPEC production in 2016 is estimated to fall by 750 kb/d, to 57.0 mb/d, 100 kb/d less than foreseen in last month’s Report. 


OPEC crude oil production eased by 90 kb/d in February to a still-robust 32.61 mb/d with losses from Iraq, Nigeria and the United Arab Emirates partly offset by a substantial rise in flows from post-sanctions Iran. Saudi Arabia, OPEC’s largest producer, held supplies steady.

Sharp decelerations in demand growth – particularly in the United States and China – pulled global growth down to a one-year low of 1.2 mb/d in the fourth quarter of last year compared with the year earlier, dramatically below the near five-year high of 2.3 mb/d in the previous quarter. A gain of around 1.2 mb/d is forecast for 2016. 


OECD commercial inventories gained 20.2 mb in January while forward demand cover remained comfortable at 32.7 days. Preliminary data suggest that in February, OECD inventories drew for the first time in a year while volumes of crude held in floating storage increased. 


Global refinery throughputs are estimated at 79.1 mb/d in the current quarter, reflecting weak OECD refinery throughput and a shift of peak spring maintenance to this quarter. Annual growth in the fourth quarter of last year fell to below 1 mb/d amid product stock builds and in line with a slowdown in global oil demand growth. 


The March OMR examines in-depth the proposed offer by Saudi Arabia, Venezuela, Qatar and Russia to freeze production at January levels and also features a focus on the changing nature of second-quarter oil demand particularly as non-OECD consumers rise in prominence.

. The case that OPEC has put frackers out of business is nonsense. Frackers put frackers out of business, but in the process have crippled the economies of OPEC.

Norton,I like cheap gas myself.

When OPEC puts most of the frackers out of business ,What do you think will happen?


BTW; This is happening.

The case that OPEC has put frackers out of business is nonsense. Frackers put frackers out of business, but in the process have crippled the economies of OPEC.

Ken, I'm afraid your partisan view makes a meaningful response too difficult, because we can't even agree on facts. You allege that there were no classified emails on her private server. McClatchy, not exactly conservative or pro-Republican, says there were at least 2,079.

How many of those were classified when she sent them?

Sanders’ campaign was not involved with the protest

Ken, I'm afraid your partisan view makes a meaningful response too difficult, because we can't even agree on facts. You allege that there were no classified emails on her private server. McClatchy, not exactly conservative or pro-Republican, says there were at least 2,079.

Powell noted that point in a statement on Thursday.

"The State Department cannot now say they were classified then because they weren't," Powell said. "If the Department wishes to say a dozen years later they should have been classified that is an opinion of the Department that I do not share."

"I have reviewed the messages and I do not see what makes them classified," Powell said.