Baker Hughes: US Drillers Add The Most Oil Rigs Since April 2013

U.S. oil production was rebounding, led by light tight oil, also commonly known as shale oil, as exploration drilling increased and wells became more efficient, the International Energy Agency said on Thursday.

On average, the IEA said in its monthly report, it expected U.S. light tight production to grow by closer to 170,000 barrels per day in 2017, after falling by nearly 300,000 bpd in 2016.

The head of the IEA, Fatih Birol, said in Davos, Switzerland, on Thursday that he expected U.S. shale oil output to rebound by as much as 500,000 bpd over the course of 2017, which would be a new record.

(Reporting by Scott DiSavino; Editing by Marguerita Choy)