• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 6 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 9 minutes Why is Strait of Hormuz the World's Most Important Oil Artery
  • 13 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 3 hours California's Oil Industry Collapses Despite Shale Boom
  • 4 hours Knock-Knock: Aircraft Carrier Seen As Barometer Of Tensions With Iran
  • 9 hours The Consequences: Full-Blown Trade War Will Push World Towards Recession
  • 8 hours IMO2020 To scrub or not to scrub
  • 3 hours UK Needs New Wind Turbines
  • 3 hours Will Canada drop Liberals, vote in Conservatives?
  • 1 min Shale to be profitable in 2019!!!
  • 9 hours Did Saudi Arabia pull a "Jussie Smollett" and fake an attack on themselves to justify indiscriminate bombing on Yemen city population ?
  • 11 hours Greenpeace Blocks BP HQ
  • 12 hours California Threatens Ban on ICE Cars
  • 12 hours Global Warming Making The Rich Richer
  • 5 hours Australian Voters Reject 'Climate Change' Politicians
  • 4 hours methanol fuel cells
  • 5 hours Apartheid Is Still There: Post-apartheid South Africa Is World’s Most Unequal Country
  • 5 hours Wonders of Shale- Gas,bringing investments and jobs to the US
Alt Text

Oil Markets Must Prepare For Maximum Fear

Oil prices this week are…

Alt Text

Can The Bull Run In Oil Markets Continue?

The market is currently trading…

Alt Text

Russia Hints At OPEC+ Deal Exit

Russian policymakers have shown themselves…

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

Slipping Rig Count Can’t Keep Oil Prices From Falling

Baker Hughes reported a 4-rig decrease for oil and gas in the United States this week—a loss in rigs for the third week in a row. The four-rig decline was all on the oil-rig side, with gas rigs holding steady.

The total number of active oil and gas drilling rigs now stands at 1,071 according to the report, with the number of active oil rigs decreasing by 4 to reach 873 and the number of gas rigs holding steady at 198.

The oil and gas rig count is now 141 up from this time last year, 126 of which is in oil rigs.

Crude oil prices fell sharply near the close of the week on Friday despite production losses in OPEC’s Libya and an agreement within OPEC+ to cut 1.2 million bpd from the expanded cartel’s October production.

The WTI benchmark was trading down 2.26% (-$1.19) at $51.39—a loss of more than $2 per barrel week over week—at 11:39am EST. Brent crude was trading down 1.84% (-$1.13) at $60.32—also down more than $2 per barrel from last week.

Canada’s oil and gas rigs for the week decreased by 12 rigs this week after losing 17 rigs last week, bringing its total oil and gas rig count to 174, which is 64 fewer rigs than this time last year, with a 7-rig decrease for oil rigs, and a 5-rig decrease for gas rigs.  

The EIA’s estimates for US production for the week ending December 7 continues to weigh on prices, averaging 11.6 million bpd­—a drop off from the previous 11.7 million bpd for the previous four weeks.

By 1:07pm EDT, WTI had decreased by 2.68% (-$1.41) at $51.17 on the day. Brent crude was trading down 2.03% (-$1.25) at $60.20 per barrel.

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
  • EHLipton on December 14 2018 said:
    I think what you are experiencing here is; pigeon droppings.
    It's weird, I know.
    For some unknown reason when they come home to roost, they trash there own environment. Hmm, Imagine that.
  • Andrew on December 15 2018 said:
    I can only assume the author meant that slipping rig count "doesn't" keep oil prices from falling (at least on Friday) rather than "can't" keep oil prices from falling. It is only a one word difference, but that one word changes the whole meaning.

Leave a comment




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