• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 19 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days The United States produced more crude oil than any nation, at any time.
  • 10 days e-truck insanity
  • 5 days How Far Have We Really Gotten With Alternative Energy
  • 9 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 8 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 8 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 10 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 13 days Bankruptcy in the Industry
Big Oil Criticized for Falling Short of Net-Zero Goals

Big Oil Criticized for Falling Short of Net-Zero Goals

Climate Action 100+ criticizes Big…

Don’t Believe The Critics: OPEC Cuts Are Working

Don’t Believe The Critics: OPEC Cuts Are Working

It appears that most forecasters…

Megamerger Mania Set To Shake Up Latin America’s Oil and Gas Industry

Megamerger Mania Set To Shake Up Latin America’s Oil and Gas Industry

Enauta's strategic acquisitions and proposed…

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 Rig Count Hits A 17-Month High

Natural gas rig Marcellus

The number of active oil and gas rigs in the United States increased on Friday by 2. Both benchmarks were trading up earlier on Friday on reports of an evacuation of Libya’s oil port earlier in the day, assuaging, albeit temporary, market fears that OPEC’s surprising compliance of 90 percent may offset by nonparticipants’ production increases—including Libya. Further pushing up oil prices earlier in the day was the falling dollar.

The total number of active oil and gas rigs in the United States is now 756, according to oilfield services provider Baker Hughes, which is 267 rigs above the rig count a year ago.

The number of oil rigs increased this week by 7, up from 602 last week to 609 this week. This week marks the seventh week in a row of increases to the number of active oil rigs in the United States—the most active oil rigs since October 02, 2015.

Oil rigs have increased by 132 since the OPEC agreement was announced on November 30, as US drillers continue to ramp up while OPEC continues to hold its members largely to specified production caps.

(Click to enlarge)

The number of gas rigs declined by 5 this week, and now stand at 146, sliding for the second week, after a long running fourteen-week streak of no losses.

In Canada, the rig count declined by 6 to 335—206 rigs more than this time last year.

At noon EST WTI was trading up 1.1% at $53.19 per barrel—around $1.00 lower than last Friday’s pre-rig count price. The Brent crude benchmark was trading up 1.02% at $55.64—almost $.50 below the price point last Friday. Both benchmarks began to slide slightly after the count was released, with WTI trading at $53.16 and Brent trading at $55.62.

By Julianne Geiger for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News