U.S. DRILLING UP
EIA wrote, higher and more stable crude oil prices are contributing to increased drilling in the United States, which may slow the pace of production declines. Benchmark West Texas Intermediate (WTI) crude oil prices averaged $46.59 per barrel (b) over the last three weeks, a 40% increase over the average price in the first quarter. The Lower 48 states onshore oil active rotary rig count, as measured by Baker Hughes, stood at 336 rigs on July 15, 29 rigs above the end-June number. While declines from existing wells are expected to result in a net decrease in production, increased drilling and higher well productivity are expected to…
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