OPEC Output Cuts vs. Rising U.S. Rig Count

Oil: OPEC Output Cut vs. Rising U.S. Rig Count

By Erik Norland, Senior Economist, CME Group

Highlights

  • OPEC output cut could be negated by rising U.S. supply
  • U.S. has added nearly 900,000 barrels per day since Oct 2016
  • U.S. rig count has accelerated over the past few months