• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 8 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 6 days Energy Armageddon
  • 4 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 2 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 2 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 2 days The Federal Reserve and Money...Aspects which are not widely known
  • 20 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 3 days Goldman Betting on Cryptocurrencies
  • 6 days Сryptocurrency predictions
  • 11 days Putin and Xi Bet on the Global South
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 But Production Lags Behind

The number of total active drilling rigs in the United States rose by 7 this week, as WTI trades at more than $113 per barrel.

The total rig count increased to 670 this week—253 rigs higher than the rig count this time in 2021.

Oil rigs in the United States rose by 7 rigs to 531, while gas rigs stayed the same at 137. Miscellaneous rigs also stayed the same.

While drilling activity has picked up in the United States over the last few months, U.S. production—a corollary to drilling rigs but with months of lag—has not. While Americans bemoan the high price of gasoline at the pump, U.S. weekly production of crude oil stayed the same for the seventh week in a row at 11.6 million bpd, according to the latest Energy Information Administration for the week ending March 18.

The rig count in the Permian Basin was rose by 3 this week to 319.

Primary Vision's Frac Spread Count, which tracks the number of completion crews finishing off previously drilled wells, shows that completion crews fell further to 266 from 272 in the week ending March 18.

At 12:13 p.m. EST, oil prices were trending up on the day after unconfirmed reports of a Houthi rebel attack on an Aramco oil facility in Jeddah.

At that time, WTI was trading at $113.40 per barrel—up 0.94% on the day and up roughly $10 per barrel on the week. The Brent benchmark traded at $119.90 per barrel at that time, up 0.75% on the day and up roughly $13 per barrel on the week.  

At 1:12 p.m. ET, WTI crude had risen by $1.07 to $113.40, while Brent crude had risen by $1.25 to $120.30.

By Julianne Geiger for Oilprice.com

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