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|Subject: U.S. Oil Rig Count Continues To Rise Despite Saudi Warnings Sun Mar 26, 2017 12:21 am|| |
|The United States oil rig count jumped by 21 this week, to its highest level since September 2015, according to Baker Hughes’ latest rig on domestic drilling activity.|
The number of oil rigs currently active in the United States now sits at 652, which is an increase of 280 year over year.
The sizeable jump in rigs signals an indifference by American shale producers towards warnings issued by the Saudi Arabian leadership against increased production. The KSA, which serves as the de facto leader of the Organization of Petroleum Exporting Countries (OPEC), entered into an agreement with its fellow bloc members and 11 NOPEC nations to cut production by 1.8 million barrels.
So far, Riyadh has been doing the heavy-lifting, while its partners cut less than expected and enjoyed higher profits from an oil barrel stable above the $55 point. But cheap shale output from the U.S. threatens the effectiveness of the OPEC agreement, which aims to eliminate the supply glut.
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