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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Razorbak who wrote (42015)4/10/1999 5:56:00 PM
From: Brent Hogenson  Read Replies (2) of 95453
 
I have been wondering for some time about this question and the Simmons article brought it up again. About 18 months ago, every rig in the world (over 1000)was drilling for oil/gas and we had excess supply of a few million barrels. Now under 500 rigs are drilling and OPEC is still holding back a few million barrels or there would still be a surplus. With depletion, how can this be possible? (don't tell me its Iraq's 2.5 million bpd)
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