• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 7 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 11 minutes Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 14 minutes Wonders of Shale- Gas,bringing investments and jobs to the US
  • 2 hours Evil Awakens: Fascist Symbols And Rhetoric On Rise In Italian EU Vote
  • 7 hours Trump needs to educate US companies and citizens on Chinese Communist Party and People's Liberation Army. This is real ECONOMIC WARFARE. To understand Chinese warfare read General Sun Tzu's "Art of War" . . . written 500 B.C.
  • 2 hours Old - New Kim: Nuclear Negotiations With U. S. Will Never Resume Unless Washington Changes Its Position
  • 2 hours Theresa May to Step Down
  • 11 hours Apartheid Is Still There: Post-apartheid South Africa Is World’s Most Unequal Country
  • 2 hours Is $60/Bbl WTI still considered a break even for Shale Oil
  • 1 hour India After Elections: Economy And Hindu Are The First Modi’s Challenges
  • 3 hours Total nonsense in climate debate
  • 9 hours Level-Headed Analysis of the Future of U.S. Shale Oil Industry
  • 19 mins Apple Boycott in China
  • 17 hours Asia Oil Refiners Mull Run Cuts With Margins At 16 yrs. Low For Season
  • 17 hours IMO 2020 could create fierce competition for scarce water resources
  • 16 hours ARAMCO BOARD: Former Dow Chemical CEO Andrew Liveris: I want to help Saudi Arabia become a 21st century economy
  • 17 hours IMO2020 To scrub or not to scrub
  • 16 hours Why is Strait of Hormuz the World's Most Important Oil Artery
Alt Text

Russia Hints At OPEC+ Deal Exit

Russian policymakers have shown themselves…

Alt Text

The Fear Driven Oil Price Rally Won’t Last

Oil prices have risen on…

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

Trending Discussions

Oil Rig Count Falls Amid Stagnating Production

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:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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