Lower 48 crude oil production rose from 8.012 to 8.175 million barrels per day last week. This is the fourth increase in a row, and indicates that the rising rig count, or an increase in DUC well completions, is reversing the declining production trend. Output now sits 480K BOPD below this time last year, and 1 million barrels per day below the peak in June 2015.
