US drillers make a few more holes in the latest count
- Prior was 683
- Natural gas rigs 167 vs 162 prior
- Total rigs 857 vs 847 prior
Every time an OPEC member sees this report, they must cringe.
It's still a long way to the max number back in 2014 but wells are far more efficient today. Production is less than 4% from the 2015 highs.
The US rig count is up 44% since OPEC announced quotas on November 30.