U.S. Oil Rigs Hold at 463 as Crude Output Hits Another Record
The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday, with the total rig count in the US falling to 601, up 52 from this same time last year. The number of active oil rigs stayed the same at 463 during the latest reporting period, according to the data. This is 46 above this same time last year.…
U.S. oil rigs remained steady at 463, marking a 46 increase compared to the same period last year, according to Baker Hughes' latest data released on Friday. Simultaneously, crude oil production hit another record, surging during the week ending November 6 to 14.013 million barrels per day, a 151,000 bpd rise from the previous week and 151,000 bpd more than a year ago.
The Primary Vision's Frac Spread Count, an estimate of crew completion numbers, also rose, adding 4 crews to reach 195, which is a 22-year increase. The number of active drilling rigs in the Permian Basin climbed by 2 to 275, representing a 22-rig boost from the previous year. Similarly, the Eagle Ford count rose to 50, marking a 9-rig increase compared to the same time last year.
Oil prices saw a boost before the data release, with Brent trading at $96.09, a 3.59% increase, and WTI at $89.00, up 2.85%.
Written by urgent.news from OilPrice's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
