- Looking at the data of active US oil rigs available from Baker Hughes – which is taken as a proxy for the level of upstream activity in the country – and the US crude production numbers from the EIA shows an evident lag between the two indicators.
- Between December 2016 and December 2017, when the active oil rig count increased by 272, crude oil production only increased by 1.18 mmb/d; but between December 2017 and December 2018, crude oil production jumped by 2.06 mmb/d.
- US Active Oil Rig Count vs US Crude Production
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