The current U.S. domestic rig count of 870 is more than double the count of 420 at the end of April, 2016. It will be interesting to see how much longer this upwards trend in the rig count will continue, given the softening oil price. One would expect that, combined with a sub-$50 oil price, to result in a leveling off and possibly even a falling rig count for the last two quarters of the year. : Will OPEC extend its current agreement to curtail production, which expires on June 30, or won't they? This has led to some speculation that OPEC could decide to renew the agreement, but exempt Iran and Iraq from participation in it.

Source: Forbes May 01, 2017 20:03 UTC