Because US producers have increased access to debt and equity (among other factors), the EIA is forecasting that US crude oil production will increase from 10.7 million bpd in 1Q21 to 12.2 million bpd in 4Q22.
Schlumberger, which has been selling assets in North America, said it is benefitting from an inflection in global drilling activity which has picked up as oil prices climbed to US$65.45.