• 4 minutes End of Sanction Waivers
  • 8 minutes Balancing Act---Sanctions, Venezuela, Trade War and Demand
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 14 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 13 mins New German Study Shocks Electric Cars: “Considerably” Worse For Climate Than Diesel Cars, Up To 25% More CO2
  • 4 hours ..
  • 4 hours Summit: Kim, Putin To Meet Thursday in Russia’s Far East
  • 19 mins Deep Analysis: How China Is Replacing America As Asia’s Military Titan
  • 12 hours Don't Climb Onto the $80+ Oil Price Greed Roller Coaster, Please.
  • 4 hours Iran Sabre Rattles Over the Straights of Hormuz
  • 20 hours Populist Surge Coming in Europe's May Election
  • 2 hours China To Promote Using Wind Energy To Power Heating
  • 3 hours Nothing Better than Li-Ion on the Horizon
  • 1 day Liberal Heads Explode as U.S. Senate Confirms Oil Lobbyist David Bernhardt as Interior Secretary
  • 6 hours "Undeniable" Shale Slowdown?
  • 29 mins Countries with the most oil and where they're selling it
Alt Text

Why Russia Fails To Speed Up Production Cuts

Russia pledged to speed up…

Alt Text

Trump’s Iran Decision Could Kill The OPEC+ Deal

Trump’s decision to let Iran…

Alt Text

Libya’s Fragile Oil Renaissance Is Under Threat

Libya’s oil recovery under General…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for US-based Divergente LLC consulting firm, and a member of the Creative Professionals Networking Group.

More Info

Trending Discussions

Oil Prices Hold Steady As U.S., Canadian Oil Rig Count Take Steep Dive

Baker Hughes reported a 1-rig decrease for oil and gas in the United States this week—a loss in rigs for the second week in a row, with a 10-rig decrease in the number of oil rigs.

The total number of active oil and gas drilling rigs now stands at 1,075 according to the report, with the number of active oil rigs decreasing by 10 to reach 877 and the number of gas rigs increasing by 9 to reach 198.

The oil and gas rig count is now 144 up from this time last year, 126 of which is in oil rigs.

Crude oil prices skyrocketed on Friday after a rather abysmal November, as OPEC managed to pull it together in the final hour of production cut talks with its members and Russia. Despite the talks ending yesterday without a resolution as Russia’s Alexander Novak flew back home to discuss its options with President Vladimir Putin, Friday saw a resolution to the cuts as the group came together, with Russia, to shave 1.2 million bpd off its October production levels.

The WTI benchmark was trading up 4.14% (+2.13) at $53.62 at 12:38pm EST—a roughly $2 per barrel increase week on week. Brent crude was trading up 4.46% (+2.68) at $62.74—about $3 up week on week. .

Canada’s oil and gas rigs for the week decreased by 17 rigs this week after losing 5 rigs last week, bringing its total oil and gas rig count to 186, which is 33 fewer rigs than this time last year, with a 17-rig decrease for oil rigs, and a 4-rig increase for gas rigs.  

The EIA’s estimates for US production for the week ending November 30 continues to weigh on prices, averaging 11.7 million bpd­ for the fourth week in a row and the highest production rate for the United States.

By 1:07pm EDT, WTI had increased by 4.53% (+$2.33) at $53.82 on the day. Brent crude was trading up 4.96% (+$2.98) at $63.04 per barrel.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment
  • thor on December 07 2018 said:
    they finally caught up with the fact that you can't keep pumping unprofitable oil forever.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News