Oil Explorers Lift Rig Count to 800 for First Time Since 2015
By March 2, 2018, 12:08 PM CST Updated on March 2, 2018, 12:33 PM CST

Friday, October 26, 2018

U.S. oil explorers raised the rig count to 800 for the first time in almost three years amid booming domestic and overseas demand for crude and petroleum-based fuels.

Drillers have been accelerating exploration in an almost-unbroken streak since the beginning of November, vaulting American crude output to a record of more than 10 million barrels a day. The unrelenting pace of expansion signals even bigger production jumps yet to come, even as concerns about excess supplies recently weighed on oil prices.