Latest US production numbers from the EIA show crude output topped 12mn b/d for the first time in January. Though the forecast rise of 800,000 b/d for 2019 is well down on 2018’s record 1.9mn b/d growth, output is slated to rise by a further 800,000 b/d during 2020 ending the year at a whopping 13.53mn b/d.

Recent growth comes despite a stalling of the US rig count: at 854 active oil rigs on 8 February, the figure is down 30 on three months earlier. These figures chime with two themes from the recent earnings call season. (CONTINUED - 1629 WORDS)