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US producers face higher drilling costs as more rigs come online

Oilfield service costs rose by 8% in June from a November 2016 low and were up nearly 3% from the same month in 2016, according to data from the Bureau of Labor Statistics. However, these increases have yet to offset the 34% decline in drilling costs during the downturn and can be considered modest given that the US rig count has more than doubled in the past 12 months, writes John Kemp.

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