Much of the near-term supply boost is coming from the rapid activation of so-called drilled but uncompleted wells, or DUCs, according to Primary Vision CEO Matt Johnson. These are wells that have already been drilled but not yet hydraulically fractured and connected to production.

Over the past two years, hundreds of pumps the size of 18-wheelers have been sent to Argentina by providers including Halliburton Co. and Calfrac Well Services Ltd., and to Australia by Liberty Energy Inc. and Halliburton, according to estimates from analytics firm Primary Vision.

Primary Vision's Frac Spread Count, an estimate of the number of crews completing wells, rose during the week ending May 15 by 5 again this week, reaching 184 crews—the highest level since last June.

We're not quite to fever pitch," Johnson said. "But let's see where we're at in another month.

But using the frac spread count as a proxy for future production, Johnson said, it's clear the US will hit a new production high above 14 million barrels per day this year.

The number of crews performing hydraulic fracturing operations, known as the frac spread count, has risen by 20% since the start of the year to 184, signalling output could rise further later at the end of the year, according to Johnson.