• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 9 hours Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 8 hours America's pandemic dead deserve accountability after Birx disclosure
  • 1 hour Putin blocks Ukraine access to Black Sea after Joe blinks
  • 7 hours Today Biden calls for Summit with Putin. Will Joe apologize to Putin for calling him a "Killer" ?
  • 27 mins U.S. Presidential Elections Status - Electoral Votes
  • 2 days Fukushima
  • 2 days CO2 Mitigation on Earth and Magnesium Civilization on Mars – Just Add Water
  • 2 days Biden about to face first real test. Russia building up military on Ukraine border.
Oil Demand Is Finally Bouncing Back

Oil Demand Is Finally Bouncing Back

Oil demand is finally bouncing…

The War For Control Of Mexico’s Energy Industry

The War For Control Of Mexico’s Energy Industry

Mexico’s President, Andres Manuel Lopez…

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

Rig Count Collapse Continues Despite Historic Global Oil Deal

Baker Hughes reported on Thursday that the number of oil and gas rigs in the US fell again this week by 62, falling to 602, with the total oil and gas rigs clocking in at 420 fewer than this time last year.

Over the last four weeks, oil and gas rigs combined have shed a total of 190 rigs.

The number of oil rigs decreased for the week by 58 rigs, according to Baker Hughes data, bringing the total to 504—a 329-rig loss year over year. It is the fewest number of active oil rigs since December 2016.

The total number of active gas rigs in the United States fell by 4 according to the report, to 96. This compares to 189 a year ago. 

After holding steady for the better part of this year so far, the steep downward trajectory of the active rig count over the last four weeks indicates that the widespread stay-at-home orders that have decimated oil demand has finally spilled over into the number of rigs.

The EIA’s estimate for the week is that oil production in the United States fell to 12.4 million barrels of oil per day on average this week, which is 600,000 bpd off the all-time high. It is the lowest production level since September last year.

The number of rigs in the most prolific basin, the Permian, fell by 35 this week to 316, compared to 464 rigs one year ago. This is the fewest number of active oil rigs in the basin since March 2017.

The WTI benchmark at 10:35 am was trading at $22.76 (-9.9%) per barrel—roughly $4 less than last week levels despite OPEC reaching a deal to cut oil production by 10 million bpd.  

The Brent benchmark was trading at $32.48 (-4.14%)—down by just over $1 per barrel from last week’s levels.

Canada’s overall rig count decreased by 6 rigs as well this week, to a total of just 35 rigs. Oil and gas rigs in Canada are now down 31 year on year. 

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




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