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The Brent oil price is struggling to hold ground despite a weak USD, a bad sign:
US shale is the problem and it continues to surge with rigs piling on another 14 to hit 631 last week:
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Remember that output per rig has improved 300-600% since 2014 so the production rebound is climbing much faster than rigs:
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.