U.S. Oil Drillers See More Gains As OPEC+ Consents To Cut Production

Oil rig

The overall variety of active drilling rigs in the United States increased by 3 today after increasing by 4 recently, according to brand-new information that Baker Hughes released Friday.

The overall rig count increased to 625 today. Given that this time in 2015, Baker Hughes has actually approximated a loss of 159 active drilling rigs. Today’s count is 450 less rigs than the rig count at the start of 2019 prior to the pandemic.

The variety of oil well increased by 5 to 505. Oil well are now down by 122 compared to this time in 2015. The variety of gas rigs fell by 1 today to 116, a loss of 39 active gas rigs from this time in 2015. Miscellaneous likewise fell by a single rig.

The rig count in the Permian Basin increased by 3 rigs today, and is now 36 rigs listed below this exact same time in 2015. The rig count in the Eagle Ford remained the exact same at 50, which is 21 less than this time in 2015.

Main Vision’s Frac Spread Count, a quote of the variety of teams finishing incomplete, increased in the week to November 22 to 281, up from 276 in the week prior. The frac spread count is 23 more than where it began the year.

Oil rates were trading a little up on Friday as the marketplace tried to absorb what OPEC+ provided: a voluntary cut of another 600,000+ bpd beginning in January, with Russia and Saudi Arabia extending their 1.5 million bpd in cuts through the very first quarter. At 12:36 a.m. ET on Friday, the WTI criteria was trading up $0.13 (+0.17%) on the day at $76.09, up approximately $1 per barrel from this time recently. The Brent criteria was trading up $0.09 (+0.11%) at $80.95, up $0.30 per barrel from a week earlier.

By Julianne Geiger for Oilprice.com

More Leading Reads From Oilprice.com:

Back to homepage

Like this post? Please share to your friends:
Leave a Reply

;-) :| :x :twisted: :smile: :shock: :sad: :roll: :razz: :oops: :o :mrgreen: :lol: :idea: :grin: :evil: :cry: :cool: :arrow: :???: :?: :!: