• 15 mins Is A Russia-Cuba Energy Deal In The Works?
  • 3 days Iraq Begins To Rebuild Largest Refinery
  • 3 days Canadian Producers Struggle To Find Transport Oil Cargo
  • 3 days Venezuela’s PDVSA Makes $539M Interest Payments On Bonds
  • 3 days China's CNPC Considers Taking Over South Pars Gas Field
  • 3 days BP To Invest $200 Million In Solar
  • 3 days Tesla Opens New Showroom In NYC
  • 3 days Petrobras CEO Hints At New Partner In Oil-Rich Campos Basin
  • 3 days Venezuela Sells Oil Refinery Stake To Cuba
  • 3 days Tesla Is “Headed For A Brick Wall”
  • 4 days Norwegian Pension Fund Set to Divest From Oil Sands and Coal Ventures
  • 4 days IEA: “2018 Might Not Be Quite So Happy For OPEC Producers”
  • 4 days Goldman Bullish On Oil Markets
  • 4 days OPEC Member Nigeria To Issue Africa’s First Sovereign Green Bond
  • 4 days Nigeria To Spend $1B Of Oil Money Fighting Boko Haram
  • 4 days Syria Aims To Begin Offshore Gas Exploration In 2019
  • 4 days Australian Watchdog Blocks BP Fuel Station Acquisition
  • 4 days Colombia Boosts Oil & Gas Investment
  • 5 days Environmentalists Rev Up Anti-Keystone XL Angst Amongst Landowners
  • 5 days Venezuelan Default Swap Bonds At 19.25 Cents On The Dollar
  • 5 days Aramco On The Hunt For IPO Global Coordinators
  • 5 days ADNOC Distribution Jumps 16% At Market Debut In UAE
  • 5 days India Feels the Pinch As Oil Prices Rise
  • 5 days Aramco Announces $40 Billion Investment Program
  • 5 days Top Insurer Axa To Exit Oil Sands
  • 6 days API Reports Huge Crude Draw
  • 6 days Venezuela “Can’t Even Write A Check For $21.5M Dollars.”
  • 6 days EIA Lowers 2018 Oil Demand Growth Estimates By 40,000 Bpd
  • 6 days Trump Set To Open Atlantic Coast To Oil, Gas Drilling
  • 6 days Norway’s Oil And Gas Investment To Drop For Fourth Consecutive Year
  • 6 days Saudis Plan To Hike Gasoline Prices By 80% In January
  • 6 days Exxon To Start Reporting On Climate Change Effect
  • 7 days US Geological Survey To Reevaluate Bakken Oil Reserves
  • 7 days Brazil Cuts Local Content Requirements to Attract Oil Investors
  • 7 days Forties Pipeline Could Remain Shuttered For Weeks
  • 7 days Desjardins Ends Energy Loan Moratorium
  • 7 days ADNOC Distribution IPO Valuation Could Be Lesson For Aramco
  • 7 days Russia May Turn To Cryptocurrencies For Oil Trade
  • 7 days Iraq-Iran Oil Swap Deal To Run For 1 Year
  • 10 days Venezuelan Crude Exports To U.S. Fall To 15-year Lows
Alt Text

OPEC’s Oil Production Slips In November

OPEC’s total oil production dropped…

Alt Text

U.S. Oil Rig Count Dips, Ending 5 Week Streak

Baker Hughes has reported that…

Alt Text

The Uncertain Future Of Natural Gas

Natural gas has played a…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for US-based Divergente LLC consulting firm, and a member of the Creative Professionals Networking Group.

More Info

The U.S. Oil Rig Count Continues Its Rapid Climb

Rig

Oilfield services provider Baker Hughes reported a 13-rig increase this week to the number of oil and gas rigs active in the United States, bringing the total number of active oil and gas rigs to 637, just 72 shy of the count this time last year.

Last week, the number of oil and gas rigs in operation jumped by 27, with oil rigs accounting for 21 of the 27. Last week’s data revealed that the U.S. had put more oil rigs into play than in any time since July 2015.

The big winner this week was oil yet again, accounting for 12 of the 13 new rigs.

While oil-dependent OPEC members find themselves in a precarious position over the balance between not enough and too much with regards to oil prices, the United States has steadily increased the number of active drilling rigs, most notably since the OPEC agreement on November 30 that saw OPEC agree to cut back production to 32.5 million bpd.

(Click to enlarge)

All About the Permian

When it comes to U.S. oil, there is no hotter basin right now than the Permian. Since September 23rd, the Permian Basin has put online 57 oil rigs—a figure that represents more new oil rigs than all the other basins combined. Related: Nigeria Aims For “Lasting Peace” As Oil Output Hits 1.8 Million Bpd

(Click to enlarge)

Still, the number of active oil rigs in the Permian, while gaining momentum, is still a far cry from the 550+ oil rigs seen in that basin during most of 2014.

(Click to enlarge)

WTI was trading up 1.55 percent at $51.69 half hour before the data release, with Brent at $55.05, up 1.91 percent. Oil prices were largely unchanged moments after the release, with unsettled markets still working through how much trust to place on OPEC member promises and non-OPEC collaborations, along with API and EIA data regarding inventory that has come under increased scrutiny as of late.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment
  • Robert Yarbrough on December 16 2016 said:
    It's funny watching the big boys manipulating oil prices know that green energy sources will soon be making its presence felt globally. So keep playing with numbers and keep acting like you all are really important. After all its all you've got left.

Leave a comment




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