• 7 hours PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 9 hours Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 11 hours Syrian Rebels Relinquish Control Of Major Gas Field
  • 12 hours Schlumberger Warns Of Moderating Investment In North America
  • 13 hours Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 14 hours Energy Regulators Look To Guard Grid From Cyberattacks
  • 16 hours Mexico Says OPEC Has Not Approached It For Deal Extension
  • 17 hours New Video Game Targets Oil Infrastructure
  • 19 hours Shell Restarts Bonny Light Exports
  • 20 hours Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 1 day Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 1 day British Utility Companies Brace For Major Reforms
  • 1 day Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 2 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 2 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 2 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 2 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 2 days Rosneft Signs $400M Deal With Kurdistan
  • 2 days Kinder Morgan Warns About Trans Mountain Delays
  • 2 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 2 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 2 days Russia, Saudis Team Up To Boost Fracking Tech
  • 3 days Conflicting News Spurs Doubt On Aramco IPO
  • 3 days Exxon Starts Production At New Refinery In Texas
  • 3 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 4 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 4 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 4 days China To Take 5% Of Rosneft’s Output In New Deal
  • 4 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 4 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 4 days VW Fails To Secure Critical Commodity For EVs
  • 4 days Enbridge Pipeline Expansion Finally Approved
  • 4 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 4 days OPEC Oil Deal Compliance Falls To 86%
  • 4 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 5 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 5 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 5 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 5 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 5 days Aramco Says No Plans To Shelve IPO
Alt Text

The Geopolitical Consequences Of U.S. Oil Exports

The United States has ramped…

Alt Text

Are Combustion Engines Reaching Peak Demand?

As countries announce plans to…

Alt Text

Oil Fundamentals Overturn Geopolitical Risk

Geopolitical risk from Iraq and…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Oil Plunges As Oil Rig Count Rises To Seven Month Highs

Oil rig

This week Baker Hughes reported that two additional oil rigs went online in the United States, making it the fourth straight week of increased oil rigs, and 13 straight weeks of no-decline.

At 418 active oil rigs, the count has not been this high since the oilfield services company’s 12 February report.

The natural gas count saw a three-rig rise, recovering the three rigs it had lost in the week prior.

Several states gained one or two rigs this week – Alaska, California, North Dakota, Oklahoma, Pennsylvania, and Texas. Louisiana, New Mexico and West Virginia each lost a single rig.

Texas’ two major basins – The Eagle Ford and the Permian – each lost one rig. Cana Woodford, Marcellus, the Mississippian and Williston gained one site each.

The domestic oil rig count now stands at 418; this time last year, 641 oil rigs were active. The depleted gas count tells the same story; currently 92 gas rigs are in production – a figure 105 fewer than the amount of gas rigs active at the same time last year.

Zero Hedge noted that oil prices had been in a down swing after Saudi Arabian and Iranian officials said they did not expect an output freeze deal to come to fruition during next week’s OPEC meeting in Algiers. The geopolitics of the civil wars in Yemen and Syria, as well as disagreements regarding the method of determining output levels during the length of freeze, caused the officials’ concern.

Brent barrel prices stood at $45.91 at the time of the report’s writing, and West Texas Intermediate traded at $44.51—a fall from Wednesday’s price after EIA inventory data revealed a massive 6.2 million barrel draw to crude inventory. Following the EIA’s report, West Texas Intermediate traded at $45.23 a barrel while Brent traded at $46.89.

Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment
  • Barack Obama on September 23 2016 said:
    Companies expect oil to go up --> more infrastructure develops --> oil goes down --> companies expect oil to go up. I shall henceforth refer to this as the insanity of capitalism.

Leave a comment




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