The U.S. rig count rose 6% in the last month, according to Enverus Rig Analytics, with the Permian ranking as the basin that added the most rigs.
The Midland Basin, located within the eastern region of the Permian Basin, has seen a steady amount of new E&P activity since 2011.
The U.S. rig count rose by 10 in the last week, according to Enverus which also notes that the count is down less than 1% in the last month and down 50% year-over-year.
The outlook for U.S. shale oil is slightly more “optimistic” due to rising prices and output will recover further in the second half of 2021, OPEC said on Jan.14, in a sign its policy of cutting output is helping rivals pump more.
Weekly rig count in the U.S. up again. Meanwhile, oil prices reach highest level since February 2020.