Here comes the Baker Hughes rig count ...
Reuters
Last week, the oil rig count rose to the highest level in one year. While still well below its level when crude oil prices crashed in 2014, the rebound showed renewed confidence among shale producers with higher prices.
The count increased by two to 525 in the final week of 2016. The gas rig count increased by three to 132. With one miscellaneous rig remaining in use, the total count rose by five to 658.
US production levels will continue to be closely watched in 2017, especially as OPEC and non-OPEC members implement their agreement to lower output.
OPEC and key non-OPEC members agreed in November to cut production by 1.2 million barrels per day to reduce the global oversupply. According to The Wall Street Journal, the kingdom has cut its production by at least 486,000 barrels per day to 10.058 million.
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