• 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

Canada Can’t Get Its Pipeline Problem Under Control

Canada’s once-booming oil industry has…

Alt Text

Oil Inches Higher On Falling Rig Count

Oil prices inched higher at…

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. Rig Count Creeps Higher Amid Record Oil Production

U.S. drillers added 2 rigs to the number of oil and gas rigs this week, according to Baker Hughes, with oil and gas rigs each increasing by 1. The oil and gas rig count now stands at 1,062—up 135 from this time last year. The Permian basin saw the biggest increase in the number of rigs, at 3. The prolific basin now boasts 112 rigs year over year at 480 total rigs. The second largest basin, Eagle Ford, has 80 total rigs—a decrease year over year.

Canada, for its part, gained 13 oil rigs for the week—after last week’s gain of 18 oil and gas rigs. Despite two weeks of significant gains, Canada’s oil and gas rig count is still down year over year.

Oil benchmarks were trading down on Friday, despite Venezuela’s freefalling oil production and export woes that has created a backlog of 24 million barrels in the country, combined with the threat of even more crude oil export disruptions in Iran as US sanctions set in in the coming months.

At 1:00pm EST, WTI was trading down 0.44% (-$0.29) to $65.66, with Brent down 0.92% (-$0.71) to $76.61. Brent crude is trading at nearly the same level as this time last week, but the WTI benchmark is trading almost $1 lower than last week levels.

U.S. oil production continues putting downward pressure on oil prices, and for the week ending June 01, production reached 10.800 million bpd—the fifteenth build in as many weeks. U.S. production continues to offset OPEC’s production cut efforts that took 1.8 million barrels out of play.

At 14 minutes after the hour, WTI was trading down 0.50% at $65.62, with Brent trading down 1.01% at $76.54.

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

Leave a comment





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