The result: U.S. oil companies picked up the pace again. By June 2017, the oil rig count rose to 733.
As the rig count rose, U.S. production began to skyrocket.
Even as oil prices fell back to the mid-$40s per barrel, drilling continued. In March 2016, U.S. oil production reached 9.1 million barrels per day. The EIA now predicts that driven by the shale producers, U.S. production will top 10 million barrels per day in late 2017. That would place the U.S. as the No. 2 producer in the world, just behind Russia at 11.2 million barrels per day and just ahead of Saudi Arabia at 9.98 million barrels per day . And the drilling continues – even as inventories are at record levels. With West Texas Intermediate prices below $50 per barrel, U.S. production continues to exceed expectations and climb higher.
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