• 4 minutes US-backed coup in Venezuela not so smooth
  • 7 minutes Why Trump will win the wall fight
  • 11 minutes Oil imports by countries
  • 13 minutes Maduro Asks OPEC For Help Against U.S. Sanctions
  • 8 hours Climate Change: A Summer of Storms and Smog Is Coming
  • 7 hours Tension On The Edge: Pakistan Urges U.N. To Intervene Over Kashmir Tension With India
  • 8 hours The Quick Read On MBS's Tour of Pakistan, India And China
  • 8 hours Iran Starts Gulf War Games, To Test Submarine-Launched Missiles
  • 7 hours BMW to add 2,000 more jobs at Dingolfing plant
  • 6 hours Teens For Climate: Swedish Student Leader Wins EU Pledge To Spend Billions On Climate
  • 10 hours Saudi A to Splash $100 Bln on India
  • 1 day Itt looks like natural gas may be at its lowest price ever.
  • 1 day Amazon’s Exit Could Scare Off Tech Companies From New York
  • 9 hours Venezuela: Nicolas Maduro closes border with Brazil
  • 3 hours Washington Eyes Crackdown On OPEC
  • 5 hours Indian Oil Signs First Annual Deal For U.S. OilIndian Oil Signs First Annual Deal For U.S. Oil
  • 18 hours NEW FERUKA REFINERY
Alt Text

An Underestimated Niche In Oil & Gas

Decommissioning obligations in the global…

Alt Text

Oil Majors Double Down On Battery Investment

Oil majors are increasingly interested…

Alt Text

A Big Week For Oil Bulls

It’s been a great week…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for US-based Divergente LLC consulting firm, 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