Oil Production Outlook is Bright, Drillers Enjoy Regained Momentum

Oil Production Outlook is Bright: Drilling companies are rebounding over the last twelve months due to the improvement in oil prices and the increasing investments from exploration and production companies. The rally in drilling companies’ shares accelerated since OPEC and non-OPEC producers announced to expand their oil output from the second half of this year.

North American and Canadian producers have also been aggressively working on expanding their production potential. Sanctions on Iran, along with increasing oil prices and strengthening demand, pushed producers to pump more oil.

Saudi Energy Minister Khalid al-Falih recently warned ...