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U.S. Crude Production Continues To Trail Rising Oil Rig Count

  • The U.S. oil rig count rose this week to 450—a 6-rig increase since last week
  • The total rig count is now at 550, up 250 from this time last year
  • Canada's overall rig count decreased by 6

The number of oil and gas rigs in the United States rose by 6 this week, according to Baker Hughes.

The total rig count is now at 550, up 250 from this time last year, but still under the 790 active rigs as of March 2020.

The U.S. oil rig count rose this week to 450—a 6-rig increase since last week, and a 224 rig increase since this time last year.

The number of gas rigs stayed the same, as did miscellaneous rigs.

The EIA's estimate for oil production in the United States for the week ending October 29 rose 200,000 bpd, to 11.5 million bpd—matching this year's record set on August 28.

U.S. Energy Secretary Granholm on Friday stated on Bloomberg that it was "curious" as to why oil and gas companies weren't incentivized to produce more at $80 per barrel. Despite the modest production increases over the last month as the United States oil and gas sector recovers from the effects of Hurricane Ida, oil production is still well below the 13.1 million bpd record set last year before the pandemic took hold in the United States.

Canada's overall rig count decreased by 6. Active oil and gas rigs in Canada are now at 160, up 74 on the year. 

The rig count in the Permian Basin increased by 3 this week, with 124 rigs added since last year. The number of rigs in the nation's second most prolific basin, the Eagle Ford, stayed the same this week. The Permian's total rig count is now 271, with 40 total in the Eagle Ford.

Primary Vision's Frac Spread Count, which tracks the number of completion crews finishing off previously drilled wells, shows that completion crews rose by 1 this week to 266 for week ending October 29. The frac count is up by more than 130 since the start of the year.

At 11:00 a.m. EDT, oil prices were trending up on the day. WTI was trading at $80.45—up 2.08% on the day but more than $2 down on the week. The Brent benchmark was trading at $81.85, up 1.63% on the day but down 2.501 on the week. 

By Julianne Geiger for Oilprice.com

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