While the oil market continues to focus on supply/demand fundamentals, these are some key updates that you need to keep a tab on, U.S. oil rig count: The United States is continuing to see a surge in production. According to the latest report, the production rose to a new high of 10.525 million barrels per day. Despite fewer rigs operating compared to 2014/15, the production efficiency has pushed the overall production higher. As of latest report, the numbers of operating rigs declined from 808 to 815, the highest since March 2015. The numbers of operating rigs have increased more than 160 percent since bottoming in May 2016. Venezuela crisis: Crisis continues in Venezuela. The latest production report from OPEC suggests that the production declined to 1.488 million barrels per day. The production has been declining steadily since 2014 when production reached a peak of 2.9 million barrels per day. […]