• 5 minutes Drone attacks cause fire at two Saudi Aramco facilities, blaze now under control
  • 8 minutes China Faces Economic Collapse
  • 12 minutes Oil Production Growth In U.S. Grinds To A Halt
  • 14 minutes Iran in the world market
  • 17 minutes Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 6 hours USA Wants Iran War -- Shooty Shooty More
  • 1 min Experts review drone damage . Say Saudis need to do a lot of explaining.
  • 10 hours Collateral Damage: Saudi Disruption Leaves Canada's Biggest Refinery Vulnerable
  • 10 hours Yawn... Parliament Poised to Force Brexit Delay Until Jan. 31
  • 1 hour Saudis Confirm a Cruise Missile from Iranian Origin
  • 7 hours The Spy Money: U.S. Wants To Seize All Money Edward Snowden Makes From New Book
  • 2 hours Aramco Production
  • 13 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 3 hours Trump Will Win In 2020 And Beyond..?
  • 22 hours USA : Attack came from 'Iranian soil'. Pompeo to release 'evidence'.
  • 4 hours The Belt & Road Initiative: A Wolf in Sheep's Clothing?
Alt Text

Big Oil Is Down, But Not Out

Activist divestment and climate change…

Alt Text

Trade War Optimism Halts Oil Price Slump

Financial markets have received a…

Alt Text

Bill Gates Says $11 Trillion Anti-Oil Push Isn’t Working

Climate activists screaming at investors…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

The U.S. Oil Rig Count Hits Its Highest Level Since January

Baker Hughes has reported yet another increase in the U.S. oil and gas rig count this week, with 16 more rigs coming online. The previous two weeks have seen increases of 13 and 27 respectively, bringing the total number of active rigs to 653. The U.S. is now just 47 rigs below the count this time last year, evidencing the recovery that is being seen in both U.S. oil and gas.

The most recent climb has largely been fueled by the OPEC production cut agreement, and while not a single barrel has yet been cut by the cartel, the promise to reduce supply has clearly been enough for the U.S. shale patch to begin bringing rigs back online. The oil rig count continues to follow the lagged oil price perfectly, suggesting that we are far from seeing an end to the recent climb in oil rigs.

(Click to enlarge)

Oil rigs once again led the way this week, with an increase of 13 compared to just 3 gas rigs. While the oil rig count has seen a remarkably strong rebound since the OPEC agreement, it remains far below the highs of 2014.

(Click to enlarge)

Oil prices continued to trade slightly lower following the rig count release, with WTI trading at $52.84 and Brent trading at $54.99 at the time of writing.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment
  • JohnSmart on December 24 2016 said:
    People give Obama a hard time, but look at how many rigs came online during his presidency.
    He's not the environmentalist that people feared.

Leave a comment




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