1355 ET - The number of rigs drilling for oil in the U.S. fell by three this week to 452, and was up by 41 from a year ago, Baker Hughes reports. The EIA sees crude production rising to 14.2 million barrels a day in 2027 from 13.8 million b/d this year. With proved reserves below 10 years of production, U.S. production could be approaching a peak, Amapreet Singh of Barclays says in a note. "The decline in proved reserves to production ratio below the 10-year level has historically been a strong leading indicator for an inflection point in well-head production," he says, citing previous cases in Mexico, Nigeria, Angola and others. "Barring a step change in development technology, we believe U.S. crude oil production could peak in the coming years."
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