• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 2 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 14 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 hour What-If - Russia decided to take out the Saudi and Kuwait oilfields
  • 6 hours "As the Earth Cools, the Climate Change Hoax Heats Up" by Michelle Edwards
  • 6 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 3 hours 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 2 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 3 days "Mexico Plans to Become an Export Hub With US-Drilled Natural Gas" - Bloomberg - (See image)
  • 3 hours The United Nations' AGENDA 2030 - The vision for One World Governance ...an article by the famous Dr Robert Malone
  • 9 hours PROFOUND ! "Russian Ruble relaunched linked to Gold and Commodities" by the famous Ronan Manly -- (NOTE the censorship by the MultiPolar New World Order of The Great Reset))
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. Rig Count Sees Modest Increase Amid Soaring Oil Prices

Baker Hughes reported an increase of a single oil and gas rig in the United States this week, bringing the total number of active oil and gas rigs to 1,054 according to the report, with the number of active oil rigs decreasing by three to reach 863 and the number of gas rigs increasing by three. The miscellaneous rig count increased by one rig.

The oil and gas rig count is now 114 up from this time last year.

At 12:22pm. EDT on Friday, WTI Crude was trading up 1.72 percent at $73.36—up over $3 per barrel up from this time last week, while Brent Crude was trading up on the day by 1.98 percent at $82.99—up more than $5 per barrel from this time last week.

Prices climbed this week as OPEC failed to agree to a production increase at their weekend meeting juts days ago, intensifying fears that the oil market may find itself undersupplied in the wake of Iranian and Venezuelan supply disruptions.

Japan and South Korea have both ceased all oil trading with Iran, and India and even China’s Sinopec have drastically reduced oil volumes from the country that finds itself on the wrong end of US sanctions. Related: Shell CEO: $80 Oil To Boost Energy Infrastructure Investment

Reports that Saudi Arabia, Iraq, and a handful of OPEC members have unofficial plans to increase production have done little to assuage the fears that the market may slip to a deficit. Russia has hit a new oil production high for the month of September, Reuters sources say, averaging 11.347 million bpd, but this, too, has failed to cut the oil price increases.

Canada’s oil and gas rigs for the week lost 19 rigs this week after losing 29 rigs last week, bringing its total oil and gas rig count to 178, which is 35 fewer than this time last year, with a 13-rig decrease for oil for a second week in a row, and a 6-rig decrease for gas.

On the production side, the EIA’s estimates for US production for the week ending September 21 were for an average of 11.10 million bpd—a new high for the United States.

By 1:07pm EDT, WTI was trading up 1.89% (+$1.36) at $73.48. Brent crude was trading up 2.20% (+$1.79) at $83.17 per barrel.

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




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News