U.S. drillers this week add most oil rigs in 16 mths -Baker Hughes

U.S. oil companies added 19 drilling rigs this week, the biggest hike since July 2015, as shale producers cautiously redeploy cash amid OPEC’s plans to curb production and after Donald Trump’s presidential election victory. Drillers added 19 oil rigs in the week to Nov. 18, bringingthe total count up to 471, the most since January, but still slightly below the 564 rigs seen a year ago. Since U.S. crude prices recovered from 13-year lows to around $50 a barrel, drillers have added a total of 155 oil rigs in 22 of the last 25 weeks. It is the biggest recovery in the Baker Hughes oil rig count since a global oil glut crushed the market over two years ago. U.S. crude oil is trading above $45 on Friday, on hopes that the Organization of the Petroleum Exporting Countries might agree to limit production at a meeting at the end of the month. In the longer term, Trump is expected to be an advocate for oil and gas drilling, who will slash regulations and encourage oil production. “You’re starting to see a little bit of light at the end of the tunnel,” Ryan Lance, chief executive of ConocoPhillips , the largest independent U.S. oil producer, told Reuters last week. “We’re beginning to put capital back to work, but we’re being cautious.” Nick Bit: With all the new production in the works how long will the Piss Ant publicity stunt OPEC cuts really matter? $10 a barrel oil here we come.