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President of TOTAL: US companies closed 2/3 of all oil rigs in US

Since March 2015, we are witnessing the decline of oil shale in US, it is reducing by500 thousand barrels per day

Baku. 11 February. REPORT.AZ/ American companies shut down 2/3 of all oil rigs in the United States. Report informs citing the TASS, President of TOTAL Patrick Puyang said that at the International Petroleum week.

"Since March 2015, we are witnessing the decline of oil shale in the United States, it is reducing by500 thousand barrels per day.We do not know how fast it will fall, but we know that 2/3 of all oil rigs not working", - he said.

Oversupply of oil on the world market amounts to 2%, said the head of Total.

"Production growth has led to the fact that excessive production now stands at 2%," he said, recalling that in the 80-90-ies excess of oil on the market made 7% with much lower demand.

President of TOTAL also noted that now it is impossible to predict the price of oil.

"Oil prices are not stable now , today it can be 40 USD a barrel, tomorrow can be 80 - so we can not talk about the stable price of 60 USD per barrel", said P. Puyang.

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