• 3 minutes Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 6 minutes This Battery Uses Up CO2 to Create Energy
  • 10 minutes Phase One trade deal, for China it is all about technology war
  • 12 minutes Trump has changed into a World Leader
  • 6 hours Indonesia Stands Up to China. Will Japan Help?
  • 5 hours Shale Oil Fiasco
  • 7 mins We're freezing! Isn't it great? The carbon tax must be working!
  • 6 hours Might be Time for NG Producers to Find New Career
  • 9 hours Angela Merkel take notice. Russia cut off Belarus oil supply because they would not do as Russia demanded
  • 11 hours Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 4 hours Anti-Macron Protesters Cut Power Lines, Oil Refineries Already Joined Transport Workers as France Anti-Macron Strikes Hit France Hard
  • 11 hours Beijing Must Face Reality That Taiwan is Independent
  • 10 hours China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 5 hours Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 1 day US Shale: Technology
  • 2 days Swedes Think Climate Policy Worst Waste of Taxpayers' Money in 2019
Alt Text

Oil Falls Despite Major Outage In Libya

Oil prices fell on Tuesday…

Alt Text

Bankruptcies In U.S., Canadian Oil Jump 50% In 2019

Bankruptcies among U.S. and Canadian…

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 Falls As US Oil Production Hits All-Time High

The the number of active oil and gas rigs fell in the United States this week according to Baker Hughes, despite record-breaking production for the week ending February 15.

The total number of active oil and gas drilling rigs fell by 4 rigs­, according to the report, with the number of active oil rigs falling by 4 to reach 853 and the number of gas rigs holding fast at 194.

The oil and gas rig count is now 69 up from this time last year, 54 of which is in oil rigs.

Oil prices were trading up earlier on Friday on lowered OPEC production and hopes that the relentless trade spat between China and the United States might drawing to a close. The strong bearish signal came from the United States on Thursday, with the Energy Information Administration showing that production reached 12 million barrels per day for the week ending February 15—months ahead of what the EIA originally had thought, and 100,000 barrels per day over production from the previous week.

Despite the onslaught of US oil production, prices held, and at 12:21pm, WTI was trading up 0.81% (+$0.46) at $57.42, while Brent was trading up 0.30% (+$0.20) at $67.39—an increase for both benchmarks week on week as well.

Canada’s oil and gas rigs saw an even bigger decrease in the number rigs this week. Canada’s total oil and gas rig count fell by 12 rigs and is now 212, which is 94 fewer rigs than this time last year.

By 1:06pm EDT, WTI was trading up 0.65% (+$0.37) at $57.33 on the day. Brent crude was trading up 0.12% (+$0.08) at $67.27 per barrel, with both benchmarks trading up significantly week on 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
  • Jesse Pylväläinen on February 22 2019 said:
    Actually the short term outlook from EIA has shows that they expect the US production in January to average 12mbpd which suggests that their weekly estimates are actually a little bit low. Although it is impossible to confirm that at this stage.

    EIA also notes that they expect the US to production to average 12.4mbpd for the year 2019 and 13.2mbpd for 2020. Now we are nearly 2 months into the year and US production has only risen around 100kpbd year to date and the rig count most certainly is not skyrocketing.
    What I mean is that in order to average something you need to be below and over the given number, and if at current pace it takes 1.5month to increase US production by 100 000bpd then it would suggest that the current pace is pretty much spot on their estimates not months ahead as in the article was written.

Leave a comment




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