Oil Patch Problems: Rigs Down 60%, Production Down 3%, $40-$50 Price Doesn't Work
MishTalk
NOVEMBER 21, 2015
So even as rig counts collapsed, production is barely off the highs, at a price that isn't even profitable. Crude has not hand a monthly close below $40 since mid-2004. But the recent drop toward $40 a barrel and below puts even the most efficient operators in a bind. oil producer, said in an interview.
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