Rig Count and Oil Prices both Up?

[william the wie]

World energy supplies are exploding but so is consumption, how does that work?

 

[Toddsterpatriot]

It takes more than 5 minutes for a new rig to produce useful amounts of oil.
Also, if Iran and Saudi Arabia go to war, OPEC supplies will be disrupted.

 

[TheOldSchool]

It takes more than 5 minutes for a new rig to produce useful amounts of oil.
Also, if Iran and Saudi Arabia go to war, OPEC supplies will be disrupted.

And Venezuela’s dead and OPEC is doing whatever it can to raise prices

 

[KissMy]

Operating US Rig Count has tripled from 250 since Biden elected.

U.S.

24 June 2022

753

+13

17 June 2022

+283

25 June 2021

US oil production increased from 9.7/mbpd to 12.1/mbpd

Global demand is sucking up all our oil. If the oil majors don't slash prices at US gas pumps, ban US exports.