• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 8 hours Biden admits he has been tested for Cognitive Decline several times. Didn't show any proof of test results.
  • 6 hours Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 4 hours During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 11 hours Apology Accepted!
  • 3 hours Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 13 hours U.S. natural gas at major disadvantage in Europe and China.
  • 14 hours Biden came out of his basement today (Thursday) and said , "we have 120 Million deaths from Covid 19.
  • 2 hours Why Oil could hit $100
  • 2 hours The Political Genius of Donald Trump
  • 14 hours Putin Paid Militants to Kill US Troops
  • 19 hours CoVid in Spain, 9 months before China
  • 19 hours Per most popular Indian websites it was Indian troops not Chinese troops breach of LAC that caused the clashes. If you know any Indian media that claim to the contrary please provide the link
  • 19 hours The world is headed for big problems - interview with very smart economist

Breaking News:

OPEC Production Falls To Three Decade Low

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

The Oil & Gas Rig Count Collapse Continues

The US oil and gas rig count fell this week, according to Baker Hughes, decreasing by 5 for the week, according to Baker Hughes. This week marks eight decreases in the last nine weeks.

The total oil and gas rig count now stands at 851, or 216 down from this time last year.

The total number of active oil rigs in the United States increased by 1 according to the report, reaching 713. The number of active gas rigs decreased by 6 to reach 137.

Oil rigs have seen a loss of 160 rigs year on year, with gas rigs down 57 since this time last year.

Even though the number of oil rigs have declined by 164 this year alone, production has grown from 11.7 million bpd at the beginning of the year to 12.6 million bpd for the week ending October 11—a growth of almost 1 million bpd in less than a year.

Oil prices were trading down on Friday ahead of the data on persistent weak economic data—this time from China—which showed China’s economic growth slowed to 6% year over year for the third quarter—the weakest data in more than 25 years.

Related: Russia Ready To Seize Control Of The World's Largest Oil Reserves

At 12:28 pm EDT today, WTI was down $0.05 (-0.09%) at $53.88—a drop of about $0.40 since this time last week.  Brent crude was trading down on the day as well, by $0.33 (-0.55%) at $59.58, or a $0.50 decrease from last week.  

Canada’s overall rig count decreased this week, with oil and gas rigs falling by 3, after last week’s 2-rig increase. Oil and gas rigs in Canada are down 48 year-on-year. 

WTI was trading down 0.82% shortly after data release, while Brent was trading down 1.24%.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Jessie Phillips on October 18 2019 said:
    And yet gas prices have gone up and stayed up...
  • Andrew Doolittle on October 18 2019 said:
    Royal Dutch added one "rig" the Year which I think would help people understand why production can surge ... and still surge going forward ... despite the year over year decline in "rigging..

Leave a comment




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