• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 11 hours A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 7 mins China has invested btw $30 - $40 Billon in Canadian Oil Sands. Trump should put 10% tariffs on all Chinese oil exported into or thru U.S. in which Chinese companies have invested .
  • 4 hours Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 3 hours US to Drown the World in Oil
  • 10 hours Used Thin Film Solar Panels at 15 Cents per Watt
  • 19 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 13 hours IS ANOTHER MIDDLE EAST WAR REQUIRED TO BOLSTER THE OIL PRICE
  • 6 hours Iran Is Winning Big In The Middle East
  • 3 hours With Global Warming Greenland is Prime Real Estate
  • 4 hours Tit For Tat: China Strikes Back In Trade Dispute With U.S. With New Tariffs
  • 8 hours Strait Of Hormuz As a Breakpoint: Germany Not Taking Part In U.S. Naval Mission
  • 28 mins Trump cancels Denmark visit amid spat over sale of Greenland
  • 11 hours LA Solar Power/Storage Contract
  • 8 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
Alt Text

Coal’s Last Hope: Carbon Capture Tech

The Trump administration is actively…

Alt Text

Presidential Candidates Take Aim At Major Oil Pipelines

Democratic presidential candidates are increasingly…

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

Oil Rig Count Rises After OPEC Deal Extension

A day after OPEC extended the already-extended production cut deal to end-2018, oil and gas rigs in the US climbed by 6. The boost to the number of oil and gas rigs in the US is likely just a taste of what’s to come if oil prices continue to climb as a result of OPEC’s prolonging of the deal that is designed to ease the glut. And at current prices of WTI, US drillers are bound to find sufficient funds to add rigs, pressuring the prices that OPEC is attempting to hold fast.

This week, the number of active oil rigs increased by 2, with gas rigs climbing by 4.

The WTI and Brent benchmarks slipped shortly after the agreement was signed on Thursday, but rebounded on Friday, with WTI up $1.23 (+2.14%) to $58.63 and Brent up $1.36 (+2.17%) to $63.99 around 11:00am EST.

The total oil and gas rig count in the United States now stands at 929 rigs, up 332 rigs from a year ago. The number of oil rigs stand at 749 versus 477 a year ago. The number of gas rigs in the US now stands at 180, up from 119 a year ago. Related: Oil Majors Are Leading The Recovery Race

The Permian Basin added 4 rigs for the week, bringing the total count in the fastest growing shale patch to 397 compared to just 235 a year ago. Haynesville basin was also up this week, adding 3 rigs for a total of 43 actives. Rigs in the Eagle Ford basin stayed the same, with Barnett, Cana Woodford, and DJ-Niobrara each losing one rig.

Canada also added rigs this week—4 oil rigs and 3 gas rigs, for a total of 7.

Along with an increase to the number of active oil rigs, US crude oil production was up for the week ending November 24 at 9.682 million barrels per day—another new high for 2017 as new highs are achieved each week.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment
  • the masked avenger on December 01 2017 said:
    High oil, down economy. Basic economics. Bring oil up, it will hasten the end of big oils dominance.
  • TOny Grimaldi on December 01 2017 said:
    Shale is the wave of the future, who would have ever thought how much oil was stored in shale rocks. But fracking is tearing up the earth, causing earth quakes in otherwise earth quake free areas. Lets just hope it don't set off Yellowstone's super volcano, but if it does I predict demand will drop off sharply.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play