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Oil Rig Count Sees Small Rise Ahead Of OPEC Meeting

There was no change to the overall number of active oil and gas rigs in the United States this week according to Baker Hughes, but the 4-rig decrease in the number of gas rigs was completely offset by an equal increase to the number of oil rigs.  

 

The total number of active oil rigs in the United States rose by 4 according to the report, reaching 793. The number of active gas rigs decreased by 4 to reach 173.

 

The combined oil and gas rig count is still 967 for the week, with oil seeing a 65-rig decrease year on year and gas rigs down 14 since this time last year. The combined oil and gas rig count is down 80 year on year.

Year-to-date, the oil rig count has fallen from 858 active rigs since the beginning of the year to 793, while gas rigs have fallen from 187 to 173 during that same time.

Despite the rig decline year on year, US production is almost 1.2 million barrels per day higher year on year—the equivalent of OPEC’s production cut agreement.

At 12:16am EST today WTI was down $0.04 (+.07%) at $59.39—an almost $2 per barrel increase from last Friday as tensions between the US and Iran see no relief and as the market prices in an extension of the OPEC+ production cut agreement.  

Unlike WTI, the Brent benchmark was trading up on the day, by $0.03 (+0.05%) at $65.70—a smaller increase of less than $1 per barrel over last week.  

US production has fallen back for the third week in a row on June 21 to 12.1 million bpd, down from the all-time high of 12.4 million bpd.

Canada’s overall rig count increased by 5. Canada’s oil rigs are still down by 33 year on year, with gas rigs down 15 year on year.

WTI was trading down 0.24% on the day at 1:11pm EST, with Brent down 0.12%.

By Julianne Geiger for Oilprice.com

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