US Crude Oil Producers Add Rigs to Meet Future Demand

US Crude Oil Producers Add Rigs to Meet Future Demand

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures were higher late Friday after the International Energy Agency (IEA) said the global oil markets were tight, but further added that Saudi Arabia and the United Arab Emirates could ease oil market volatility. Meanwhile, U.S. drillers continued to add rigs in an effort to boost production to meet future demand.

The International Energy Agency (IEA) raised its 2022 demand forecast and expects global demand to expand by 3.2 million barrels per day (bpd) this year, reaching an all-time record 100.6 bpd.

The IEA added that Saudi Arabia and the United Arab Emirates could help to calm volatile oil markets if they pumped more crude, adding that the OPEC+ alliance produced 900,000 bpd below target in January.