• 5 days Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO
  • 10 minutes America Could Go Fully Electric Right Now
  • 12 hours Majors Oil COs diversify into Renewables ? What synergies forget have with Solar Panels and Wind Tirbines ? None !
  • 4 hours America's Frontline Doctors - Safely Start Living Again!
  • 23 mins OP Kennedy article : "Trump blasts Biden Fracking Plan . . . "
  • 9 hours France Sees 10.6% EV Market Share In September — 4× Growth Year On Year
  • 2 days Something wicked this way comes
  • 10 hours Conoco Pledges ‘Net-Zero’ Emissions in Break With U.S. Rivals
  • 5 hours Vote Biden for Higher Oil Prices
  • 1 day Permian in for Prosperous and Bright Future
  • 5 hours Tesla Model 3 Is September's Top Selling Car of All Vehicles in Switzerland
  • 17 hours covid. stop the carriers and thus stop the virus.
  • 2 days California’s Electric Vehicle Dream Has A Major Problem: No
  • 3 days "COVID Kills Another Oil Rally" by Tom Kool 10/16/2020
  • 4 hours Clean Energy Is Canceling Gas Plants
  • 10 hours TX NATGAS flaring
  • 2 days A sneak peak into the US election
Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

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





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