February 12, 2016
In Houston, the oil price collapse has created a huge economic backlash. But Pat Duffy, president of Colliers International’s Houston office, indicated that rig numbers are more important than oil prices, which are hovering around $30 per barrel.
According to figures from the Baker Hughes Rig Count, new drilling activity in the United States fell by 48 rigs during the first week of February. The global supply glut and low oil prices are expected to be in place for the next six months.
Duffy indicated that the market will remain “sloppy” until investors are convinced that it’s safe to put capital into Oil City once again.