• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 49 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 11 hours Reality catching up with EV forecasts
  • 3 mins Famous author Michael Crichton talks about the "Climate Change Religion" aka Feudalism 2.0
  • 6 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 11 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 11 days A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
Oil Prices Are Under Pressure

Oil Prices Are Under Pressure

A slew of bearish news…

The EU Is Falling Behind In EV And AI Developments

The EU Is Falling Behind In EV And AI Developments

The European Union is falling…

OPEC+ To Leave Oil Production Quotas Unchanged

OPEC+ To Leave Oil Production Quotas Unchanged

As expected, the Joint Ministerial…

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

US Oil Rig Count Falls In Last Week Of 2019

The final US oil and gas rig count for the year decreased this week, according to Baker Hughes, reaching 805 rigs after decreasing by 8 for the week, according to Baker Hughes. The total oil and gas rig count is now 278 down from this time last year—a nearly 26% drop.

For oil rigs, this week saw an decrease of 8 rigs, according to Baker Hughes data. The total number of active gas rigs in the United States held steady for the week according to the report, at 125 This compares to 198 a year ago. 

The number of oil rigs have declined by 207 this year alone, but production has grown from 11.7 million bpd at the beginning of the year to 12.8 million bpd,­ for week ending Dec 20—just 100,000 bpd off the all-time high from a few weeks ago.

ADVERTISEMENT

Oil prices were down on Friday ahead of the data on rumors that OPEC and allies may decide to quit its agreement to curb production at some point next year, and may ease the existing cuts as early as March.

The WTI benchmark at 9:58am was $61.51 per barrel, roughly up $1 from this time last week, but down $0.17 (-0.28%) on the day. The Brent benchmark was trading down, at $66.59. up roughly $1.25 per barrel from last week but down $0.17 (-0.25%) on the day.   

ADVERTISEMENT

Canada’s overall rig count decreased this week, with oil and gas rigs falling by a whopping 50, adding onto last week’s 4-rig decrease. Oil and gas rigs in Canada now stand at just 99, up 29 year on year. 

At 6 minutes past the hour, WTI was trading at $61.71 and Brent was trading at $66.85.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage


ADVERTISEMENT


ADVERTISEMENT



Leave a comment
  • Mamdouh Salameh on December 27 2019 said:
    Baker Hughes oil rig count has been telling a story of a US shale oil industry facing a production slowdown, declining well productivity and investments, bankruptcies and eventual demise. 2019 was the year in which the hype around US shale oil production finally burst.

    The number of oil rigs has declined by 207 this year alone. And still, the US Energy Information Administration (EIA) and its partners in hype the International Energy Agency (IEA) and Rystad Energy are still talking of US oil production of 12.8 million barrels a day (mbd) this year rising to 13.8 mbd in 2020.

    The EIA’s production figures are based on both estimation and hype. US production is over-stated by at least 2 mbd. This means that US oil production will average this year at 10.8-11.0 mbd and around 10 mbd in 2020.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News