• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 2 hours Emissions Need To Be Halved To Avoid 3C Warming
  • 2 mins Iran downs US drone. No military response . . Just Destroy their Economy Completely. Can Senator Kerry be tried for aiding enemy ?
  • 1 hour Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 37 mins Summit in Pyongyang: China's Xi Says World Hopes North Korea-U.S. Talks Can Succeed
  • 21 mins The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 5 hours Coal Boom in Asia is Real and a Long Trend
  • 11 hours Solar Panels at 26 cents per watt
  • 4 hours Huge UK Gas Discovery
  • 2 hours Pioneer CEO Said U.S. Oil Production would be up to 15 mm bbls/day NOW if we had the pipelines. Permian pipelines STARTING Q3
  • 16 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 16 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 16 hours US to become net oil exporter in November: EIA
  • 13 hours US Shale Drilling lacks regulatory body.
  • 15 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030

Breaking News:

Iran Claims It Shot Down U.S. Drone

Alt Text

Oil Flat Despite Middle East Tensions

Oil markets appear to have…

Alt Text

OPEC Discord Grows As Saudis Hint At ‘Delayed’ Meeting

Saudi Energy Minister Khalid Al-Falih…

Alt Text

OPEC Agrees To Schedule Meeting On July 1-2

After weeks of disagreements, conflicting…

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

Trending Discussions

U.S. Oil Rig Count Flat As Prices Stabilize

US drillers added 1 rig to the number of oil and gas rigs this week, according to Baker Hughes, with oil rigs holding steady and gas rigs adding one. The oil and gas rig count now stands at 1,046—up 145 from this time last year.

Meanwhile, neighboring Canada gained 4 oil and gas rigs for the week—the first gain in weeks.

Both the Brent and WTI benchmark were trading up on the day at 9:46am EST with Brent crude surpassing the $80 mark at one point on Thursday. The shaky geopolitical landscape in major oil-producing regions has sent oil prices to near four-year highs, as the market grows increasingly wary over possible supply crunches ala US sanctions on Iran, Venezuela’s colossal mess that has sent PDVSA production fall month after month with no end in sight, and OPEC’s almost too-good adherence to its production cut deal.

In the wake of the higher oil prices, Saudi Arabia and the UAE have made public statements that promised to fill any supply gaps, should they in fact materialize, although this has done little to calm the market.

WTI was trading up 0.06% at $71.53, with Brent trading up 0.39% at $79.60. Western Canada Select (WCS) was trading flat at $56.44—a massive discount to WTI.

Working the other side of the push/pull for oil prices, US oil production rose again in the week ending May 11, reaching 10.723 million bpd—the twelfth build in as many weeks—and less than 300,000 bpd shy of the 11.0 million bpd forecast that many are predicting for 2018.

US production has steadily increased since OPEC engaged in a supply cut deal that sought to remove 1.8 million bpd from the market. At the time the deal was announced, the US was producing 8.6 million bpd. Today, the US is producing more than 2.0 million bpd over that figure, while OPEC/NOPEC continues to curb supply on its end.

At 5 minutes after the hour, WTI was trading down 0.36% at $71.23, with Brent trading down 0.24% at $79.06.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment
  • Avi Levin on May 18 2018 said:
    Why isn't anyone reporting on the more than 1 million draw from the SPR last week? Just a scheduled release, wink.

Leave a comment





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