• 5 minutes USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 10 minutes Venezuela continues to sink in misery
  • 13 minutes U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 16 minutes IEA Sees Global Oil Supply Tightening More Quickly In 2019
  • 58 mins Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 3 mins $867 billion farm bill passed
  • 7 mins Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 8 hours Has Global Peak Diesel Arrived?
  • 20 hours OPEC Cuts Deep to Save Cartel
  • 16 hours Sleeping Hydrocarbon Giant
  • 12 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 18 hours Air-to-Fuels Energy and Cost Calculation
  • 18 hours What will the future hold for nations dependent on high oil prices.
  • 21 hours And the War on LNG is Now On
  • 18 hours Global Economy-Bad Days Are coming
  • 16 hours Could Tesla Buy GM?
Alt Text

Falling Rig Count Can’t Halt Oil Price Slide

Oil prices continued to fall…

Alt Text

Qatar’s Irrational Decision To Leave OPEC

Qatar’s exit from OPEC may…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Trending Discussions

U.S. Oil Rig Count Continues To Rise Despite Saudi Warnings

The United States oil rig count jumped by 21 this week, to its highest level since September 2015, according to Baker Hughes’ latest rig on domestic drilling activity.

The number of oil rigs currently active in the United States now sits at 652, which is an increase of 280 year over year.

The sizeable jump in rigs signals an indifference by American shale producers towards warnings issued by the Saudi Arabian leadership against increased production. The KSA, which serves as the de facto leader of the Organization of Petroleum Exporting Countries (OPEC), entered into an agreement with its fellow bloc members and 11 NOPEC nations to cut production by 1.8 million barrels.

So far, Riyadh has been doing the heavy-lifting, while its partners cut less than expected and enjoyed higher profits from an oil barrel stable above the $55 point. But cheap shale output from the U.S. threatens the effectiveness of the OPEC agreement, which aims to eliminate the supply glut.

Gas rigs were down by two to 155, an increase of 63 over a year ago.

State-wise, Texas and Oklahoma gained eight and seven rigs, respectively. New Mexico saw a three-rig rise, while Alaska, California, North Dakota, Pennsylvania, and West Virginia gained one each. Related: Will Russia Ditch Its Ambitious Oil Tax Reform?

The Permian Basin saw the most number of rigs added, bringing 7 additional rigs online to reach 315. The Permian Basin now has 168 more rigs in production than this time last year. Cana Woodford, Eagle Ford, and Marcellus Basins all saw 2-rig increases, and Barnett, Granite Wash, Mississippian, and the Williston Basin all added one. There were no decreases this week in the number of operational rigs per basin.

By state, Texas was the biggest winner this week with an additional 8 rigs, with Oklahoma coming in a close second with an increase of 7 rigs.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment
  • Rameez Mela on March 24 2017 said:
    "The number of oil rigs currently active in the United States now sits at 652".

    This is FALSE. Number of active rigs is 809 in US.

    source: Baker Hughes

    http://phx.corporate-ir.net/phoenix.zhtml?c=79687&p=irol-rigcountsoverview

Leave a comment




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