By Tony Headrick Idled oil rigs are being brought back into service as U.S. crude oil production begins to ramp up once again. U.S. shale producers are locking into profitable forward oil prices, suggesting that U.S. shale oil output will continue to increase. During the first half of 2017, a coalition of OPEC and some non-OPEC oil producers successfully lowered international oil output by nearly 1.8 million barrels per day. But efficiency gains and reduced costs helped U.S. shale oil producers increase output as oil prices hovered near $50 per barrel. This shift in the balance of global oil production is frustrating OPEC attempts to cut supply. As the coalition considers extending production cuts into 2018, its goal of returning global petroleum inventories to a five-year average is becoming more difficult. The Permian Basin of Texas is leading the U.S. oil production charge with breakeven costs as low as $34 a barrel, according to Bloomberg Intelligence. Canada and Brazil are also set to increase production. Q Your CHS Connection 17