Locals losing patience: Area workers unsure if oil will ever come back
May 31, 2017
Restore or Retreat: Coastal restoration bringing opportunities to region
May 31, 2017
The price of oil isn’t as good as it once was, certainly.
But recent indications are that things may finally be heading back in the right direction.
Thanks to a deal made by OPEC, which saw members agree to cut output in the global supply, oil prices have gradually increased in the past few weeks, currently sitting just north of $50 per barrel at press-time on Friday.
That slow increase is heavily dependent on that deal being extended, which many world leaders expect will happen.
A proposal is currently on the table which would extend the output cuts for the next nine months. Iran backs the proposal, which was created by representatives from Saudi Arabia and Russia.
As the prices increased, so too has the work in the Gulf of Mexico.
According to rig count numbers provided by Baker Hughes, United States oil rig numbers have increased from 877 active rigs to 901 rigs from May 5 to May 19, marking the first active increases in rig count over the past several weeks.
Locally, the numbers have increased, as well – although slightly.
In North Louisiana land production, active rigs have increased from 36 to 38 in the past two weeks.
Louisiana’s offshore rig count has also jumped from 17 on May 5 to 22 on May 19 – a good sign for those in the industry.
Experts said similar increases are likely if the OPEC deal gets signed and is followed for the next nine months, which could slowly ease some of the economic struggles in the Houma-Thibodaux area. •
