The last two weeks have seen dramatic rises in the US oil rig count (+21 and +12 respectively) pushing it to its highest in 11 months. US crude production is tracking the lagged rig count very closely and has surged to 7-month highs in the 2 weeks since OPEC agreed its production cut deal.

US Oil Rig Counts continue to rise in line with lagged oil prices.

And in turn the US crude production is resurging against lagged rig increases.