Over the past quarter, U.S. oil producers have turned much more optimistic about oil prices and demand and have already increased drilling activity from last year’s trough. Crude oil production has stabilized at around 11.1 million barrels per day (bpd) in December 2020 and January 2021, while current oil prices at over $60 per barrel WTI and rising numbers of oil-directed rigs point to monthly rises in output later this year. Considering that there is a lag of several months before drilling activity begins to reflect higher oil…
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