• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 10 hours OPEC will consider all options. What options do they have ?
  • 4 hours Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 7 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 7 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 4 hours A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 18 mins Not The Onion: Vivienne Westwood Says Greta Thunberg Should Run the World
  • 14 hours What to tell my students
  • 18 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 14 hours With Global Warming Greenland is Prime Real Estate
  • 12 hours China Threatens to Withhold Rare Earth Metals
  • 1 day TRUMP'S FORMER 'CHRISTIAN LIAISON' SAYS DEEPWATER HORIZON DISASTER WAS GOD'S PUNISHMENT FOR OBAMA ISRAEL DIVISION
  • 1 day Maybe 8 to 10 "good" years left in oil industry * UAE model for Economic Deversification * Others spent oil billions on funding terrorism, wars, suppressing dissidents, building nukes * Too late now
  • 23 hours CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
Alt Text

Rampant Corruption In The World’s Last Oil Frontier

Endemic corruption in Kurdistan continues…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Premium Content

U.S. Rig Count Rises To 7 Month High

The United States saw a seven-site increase in the domestic oil rig count, making this the fourteenth week of no-decline in oil rigs counts, according to the Baker Hughes weekly report on North American drilling activity.

The oil-rig count now stands at 425 rigs, the highest the figure has been in seven months – but still 189 sites lower than it stood one year ago.

Gas rigs increased by four sites, bringing the total to 96 rigs – less than half of the sector’s drilling strength last year.

Zero Hedge noted that the third quarter of 2016 ended with a 29 percent increase in active oil rigs in the United States – the biggest quarterly rise since the fourth quarter of 2009.

Canada saw a massive 24-rig increase this week, most (17) of which came from the country’s gas sector.

New Mexico gained three rigs in its portion of the Permian Basin, and North Dakota gained two. Alaska, Arkansas, Colorado, Louisiana, Oklahoma, Pennsylvania, and West Virginia each got a one-site raise.

Texas lost one rig in Eagle Ford – becoming the only state to see a decrease in active sites this week.

The Williston, Marcellus and Cana Woodford basins each gained two sites, while Arkoma Woodford, DJ-Niobrara, Fayetteville and Granite Wash saw a single-rig increase.

 

(Click to enlarge)

Image source: Zerohedge.com

Brent barrel prices stood at $50.06 at the time of the report’s writing, and West Texas Intermediate traded at $48.09. Following the EIA’s report on Tuesday which reported yet another draw week, West Texas Intermediate traded at $45.23 a barrel while Brent traded at $46.89.

Prices rose by six percent late Wednesday, when OPEC announced it had agreed on the basic outlines of a production freeze agreement amongst its members.

By Zainab Calcuttawala 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