Baker Hughes US oil rig count
US drilling productivity is improving but falling rigs may be catching up to shale oil regions. The EIA sees total production at 9.391m bpd in October, which is a 41k bpd fall. The declines are split almost evenly between the Permian and Eagle Ford.
The big question in the oil market is what OPEC+ is going to do next but the second question is what shale does, because there is pressure to remain disciplined on the production side and there are questions about the depth of inventory.
