Weekly drilling data
- Prior 742 was 754
- Natural gas 162 vs 162 prior
- 904 total rigs vs 916 prior
The drop in US oil drilling isn't getting nearly enough attention. The consensus is that US oil production continues to rise dramatically from here but it don't look that way from this report.
The number of drills has fallen dramatically this year and is down 14% year-over-year and 16% year-to-date.
The baseline forcast is for the US to rise to 17 mbpd by 2023 from 12 mbpd now. Where is all that going to come from?
