zerohedge.com / by Tyler Durden / Mar 3, 2017
US oil rig counts rose for the7th straight week (up 7 to 609) to the highest level since October 2015.
With production surging back above 9mm b/d – the highest in a year – the trend in the rig count implies considerably more production to come…
And it’s all in the Permian…
And with rig counts rising (in the Permian), production shows no signs of slowing, as OilPrice.com’s Nick Cunningham notes, ExxonMobil’s new CEO Darren Woods announced a dramatic shift towards shale drilling this week, a new strategy that will prioritize drilling thousands of smaller wells while reducing spending on the massive projects that the oil major has long been accustomed to pursuing.
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