• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 8 mins China's Blueprint For Global Power
  • 4 hours Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 3 hours IMO 2020:
  • 5 hours Brexit agreement
  • 32 mins Idiotic Environmental Predictions
  • 2 hours The Problem Is The Economy, Not The Climate
  • 21 hours World Stocks Drop And Futures Tread Water After China Reports Worst GDP Growth In 30 Years
  • 3 hours Australian Hydroelectric Plant Cost Overruns
  • 13 hours The Ultimate Heresy: Technology Can't Fix What's Broken
  • 22 hours Deepwater GOM Project Claims Industry First
  • 1 day Why did Aramco Delay IPO again ? It's Not Always What It Seems.
  • 6 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
Alt Text

The Death Of The World’s Most Popular Battery

Batteries provide a much-needed utility…

Alt Text

Iran Claims To Have Video Evidence Of Oil Tanker Attacks

An Iranian National Security official…

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

U.S. Oil Rig Count Sees Slight Increase Amid Record Production

US drillers added 1 rig to the number of oil and gas rigs this week, according to Baker Hughes, with oil rigs increasing by 2 and gas rigs dipping by 1. The oil and gas rig count now stands at 1,060—up 144 from this time last year. The Cana Woodford basin saw the biggest increase in the number of rigs, at 3; The Permian lost one.

Meanwhile, neighboring Canada gained 18 oil and gas rigs for the week.

Oil benchmarks were trading down on Friday, skittish after Saudi Arabia and Russia committed to ramping up production to as much as 1 million barrels per day before the production cut deal ends at the end of this year, should it become a necessary step to meet demand with Venezuela’s falling production and Iran’s possible production or export shortfalls in the wake of US sanctions against it. Oil prices took another blow with Rosneft unexpectedly increasing production by 70,000 bpd, to prepare for OPEC and NOPEC possibly relaxing the production quotas.

The markets dissatisfaction with that maneuver was apparent in afternoon trading. At 12:21pm EST, WTI had slipped $0.43 (-0.64%) to $66.61, with Brent falling $0.94 (-1.21%) to $76.62. Brent crude is trading at nearly the same level as this time last week, but the WTI benchmark is trading almost $2 lower than last week levels. The premium for Brent over WTI is now significant, and near three-year highs.

US oil production is also pressing down on oil prices, and for the week ending May 25, reaching 10.769 million bpd—the fourteenth build in as many weeks. US production continues to climb at a time when OPEC is beholden to a supply cut deal that looks to remove 1.8 million bpd from the once-saturated market. At the time the deal was announced, the United States 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 25 minutes after the hour, WTI was trading down 0.81% at $66.50, with Brent trading down 0.52% at $77.16.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




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