US government analysts now see a wave of new production coming from the country’s tight oil plays.
Onshore operators added nine units in the latest week, for a total onshore count of 743, according to the latest figures from service giant Baker Hughes.
The last time the onshore rig count was that high was the week of 23 October, 2015, just weeks before Opec declined to cut production at its infamous Thanksgiving Day meeting that sent oil prices tumbling.
