Baker Hughes, a General Electric company, published its US crude oil rigs report on November 17, 2017. It reported that US oil rig counts were flat at 738 on November 10–17, 2017. The rigs rose 63.3% from the same period in 2016. US crude oil (OIL) (USO) (UCO) prices were trading near a 30-month high. Higher oil prices help oil producers (XLE) and drillers (XES) like Diamond Offshore Drilling (DO), Transocean (RIG), Halliburton (HAL), and Matador Resources (MTDR).
Peak and low
US shale oil production
The EIA (U.S. Energy Information Administration) forecast that US shale oil production would rise for the 12th consecutive month in December 2017. The International Energy Agency forecast that the US would contribute 80% of the global rise in oil production in the next ten years.
Monthly international rig count
International oil and gas rigs rose by 20 to 951 in October 2017—compared to the previous month. They rose 2% month-over-month and 3.4% YoY (year-over-year). The international crude oil rig count rose by 13 rigs or 1.8% month-over-month and by 47 or 7.1% YoY in October 2017.