A few comments from Steven Kopits of Princeton Energy Advisors LLC on Apr 21, 2017:
• Total US oil rigs were up 5 to 688
• US horizontal oil rigs added 9 to 581
…
• The US horizontal oil rig count is now within two weeks of the entire number necessary to cover the US contribution to incremental global oil supply.• The market has clearly become jittery, and OPEC promises to extend production cuts are no longer comforting worried investors
Click on graph for larger image.
CR note: This graph shows the evolution of the EIA’s Short-Term Energy Outlook (STEO) production forecasts by month. The production outlook keeps increasing.
Graph and comments Courtesy of Steven Kopits of Princeton Energy Advisors LLC.