• 5 minutes THE GREAT OIL PRICE PREDICTION CHALLENGE OF 2018
  • 8 minutes So oil touched $80! (WTI break $71 twice). What does the future hold?
  • 14 minutes China Tariff Threatens U.S. LNG Boom
  • 15 hours Threat: Iran warns U.S, Israel to expect a 'devastating' revenge
  • 16 mins Will Robots Bring The Demise Of European Artistry?
  • 6 hours Tesla’s Powerpack Battery in Australia Made up to $17 Million
  • 21 hours Praise for Alberta
  • 6 hours Global Hunger Continues to Grow Driven By Climate Change
  • 5 hours Downloadable 3D Printed Gun Designs, Yay or Nay?
  • 2 hours Saudi Aramco IPO Seems Unlikely
  • 10 hours Nothing new in Middle East? Iran Puts On 'Show Of Strength' Military Exercise In Gulf
  • 1 day Lack of Global Warming Messes with Russian Arctic LNG Plans
  • 5 hours Why Are the Maldives Still above Sea Level?
  • 9 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 7 hours 100% Renewables will Fuel the Growth of Poverty and Homelessness
  • 14 hours Transition Time: Volkswagen Announces "Electric for All" Campaign
Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for US-based Divergente LLC consulting firm, and a member of the Creative Professionals Networking Group.

More Info

Trending Discussions

Oil Rig Count Falls Amid Stagnating Production

Bakken rig

Baker Hughes reported another dip in the number of active oil and gas rigs in the United States today. Oil and gas rigs decreased by 5 rigs, according to the report, with the number of oil rigs decreasing by 4, and the number of gas rigs decreasing by 1.

The oil and gas rig count now stands at 1,047—up 107 from this time last year.

Canada, for its part, gained 12 oil rigs for the week—after last week’s gain of 21 oil and gas rigs. Despite weeks of significant gains, Canada’s oil and gas rig count is still down by 17 year over year.

Oil benchmarks were up again on Friday afternoon as the market braced for the impact of multiple supply disruptions—or possible supply disruptions, rather—in Libya, Iran, Venezuela, and Canada. While oil supply disruptions in Libya, Canada, and Venezuela are already underway and expected to be either moderately long-term (Libya) in some cases, or infinite in others (Venezuela), Iran’s supply disruptions, or export disruptions, have not yet materialized, although the general consensus is that approximately 1 million barrels per day will be taken out of the market as the US squeezes Related: Oil Investment In Canada To Drop Despite Rallying Prices

At 10:57am EDT, the WTI benchmark was trading up 1.05% (+$0.77) to $74.22, with Brent up 1.61% (+$1.25) to $78.86. Both benchmarks are up by multiple dollars per barrel week over week, as traders disregard Saudi Arabia’s promise to increase production to meet demand.

Even US oil production is unable to keep oil prices in check, and for the third week in a row, US production stagnated at 10.9 million bpd—close to the 11 million bpd production that many had forecast for the year.

At 6 minutes after the hour, WTI was trading up 1.06% at $74.23, with Brent trading up 1.92% at $79.10.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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