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US Crude Production Tops 9 Million Barrels As Rig Count Hits 16-Month Highs

US Crude Production Tops 9 Million Barrels As Rig Count Hits 16-Month Highs

The US oil rig count rose once again this week (up 5) to 602 – the highest since October 2015.

US crude production is surging – back above 9 million barrels/day in the last week – the largest since April 2016.

The lagged response to rig count builds implies considerably more production to come.

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