Baker Hughes reported a drastic reduction to the number of active oil and gas in the United States this week.
The total number of active oil and gas drilling rigs fell by 25 rigs, according to the report, with the number of active oil rigs decreasing by 21 to reach 852 and the number of gas rigs decreasing by 4 to reach 198.
The oil and gas rig count is now 114 up from this time last year, 105 of which is in oil rigs.
WTI prices were trading significantly up on Friday as China extended an offer to US negotiators to boost imports from the United States through 2024 by 1 trillion annually, according to CNBC.
Canada’s oil and gas rigs increased by 25 rigs this week, after climbing by 108 rigs last week. Canada’s total oil and gas rig count is now 209, which is 116 fewer rigs than this time last year. All 25 additions were to oil rigs. The increase in rigs this week is despite Canada’s new mandate that called for the country to collectively shave 300,000 bpd off its crude oil production figures that went into effect at the start of the month.
The EIA’s estimates for US production for the week ending January 11 shows an increase at an average rate of 11.9 million bpd for the week—another new record for the United States.
By Julianne Geiger for Oilprice.com
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