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Market Extra: Why oil experts think OPEC’s U.S. headache won’t go away this year

The number of active U.S. oil rigs have now risen for five straight weeks, and according to experts in the industry, there are no signs the ramp-up in production will abate anytime soon.

When asked what change they expect in the number of U.S rigs drilling for oil in the coming year, a majority of delegates at the S&P Global Platts Oil & Energy Forum on Monday said they expect the tally to have risen by February 2018.

The weekly Baker Hughes data out last Friday showed the number of active rigs rose by 6 to 597 last week, marking the highest level since October 2015.

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