• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 10 hours Biden admits he has been tested for Cognitive Decline several times. Didn't show any proof of test results.
  • 2 hours Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 1 hour During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 12 hours Apology Accepted!
  • 4 hours Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 15 hours U.S. natural gas at major disadvantage in Europe and China.
  • 16 hours Biden came out of his basement today (Thursday) and said , "we have 120 Million deaths from Covid 19.
  • 3 hours Why Oil could hit $100
  • 4 hours The Political Genius of Donald Trump
  • 16 hours Putin Paid Militants to Kill US Troops
  • 21 hours CoVid in Spain, 9 months before China
  • 21 hours Per most popular Indian websites it was Indian troops not Chinese troops breach of LAC that caused the clashes. If you know any Indian media that claim to the contrary please provide the link
  • 21 hours The world is headed for big problems - interview with very smart economist

Breaking News:

OPEC Production Falls To Three Decade Low

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

U.S. Oil Rig Count Rises Amid Record Breaking Production

The number of oil and gas rigs in the United States rose again this week. The boost in the number of active oil rigs this week brings the total gained in November to 10—the first monthly gain since July.

Oil and gas rigs combined were up by 14 in November—also the biggest increase seen since July, in a sign that drillers are once again eager to add rigs after scaling back in August.

This week, the number of active oil rigs increased by 9, with gas rigs falling by 1. The Permian basin, after gaining two rigs this week, now boasts 165 more rigs than this time last year, a staggering 72-percent increase.

The WTI and Brent benchmarks rose earlier today on a small crude oil inventory decline as reported by the EIA, further supported by the Keystone pipeline shutdown that took 600,000 bpd offline. WTI and Brent are both trading at levels not seen since mid-2015.

The total oil and gas rig count in the United States now stands at 923 rigs, up 330 rigs from a year ago—a 55 percent increase. The number of oil rigs stands at 747 versus 474 a year ago (+57 percent). The number of gas rigs in the US now stands at 176, up from 118 a year ago (+49 percent).

WTI was trading up on Wednesday at 1.76 percent at $57.83 at 1:38pm EST. Brent crude was trading up 0.69 percent at $62.75 at that time.

Along with an increase to the number of active oil rigs, US crude oil production was up for the week ending November 17 at 9.648 million barrels per day—another new high for 2017 as new highs are seemingly reached each week.

Baker Hughes released the data early this week due to the Thanksgiving holiday.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Kr55 on November 22 2017 said:
    Of course in a few months we will find out EIA was just being tricked by more old stored oil being dumped into the market as the contango went away and production was not nearly as high. But who is counting anyways?
  • Anton on November 22 2017 said:
    Has there been a sudden increase in demand? The cuts weren't drastic vs previous years but the drawdowns have increased by a lot. Seems a little off.

Leave a comment




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