U.S. energy producers haven’t let declining crude prices stop them from increasing their capacity as oil prices fail to find support above $50 per barrel. As of June 16, the total rig count in the U.S. as estimated by Baker Hughes was 933 total rigs; 747 producing crude oil and 186 producing natural gas. The total number of rigs is up 42% from the end of 2015, and is growing on a quarter-over-quarter basis at an average rate of 24%.
As OPEC tries to put a lid on its members’ production, U.S. exporters aren’t offering much help. They have had a very active 2017 per U.S. Department of Energy data, as 17.7 million barrels per day were exported through June 9. Through the same period in 2016, 9.8 million barrels per day were exported.
Internationally, total rigs were estimated at 957, up 3% since the end of 2015.