Oil Boom 2022: U.S. Oil Price Tops $90 For First Time Since 2014

Oil Boom 2022: U.S. Oil Price Tops $90 For First Time Since 2014

Also on Thursday, the Enverus said its weekly count of active rigs stood at 720, up 14 for the week and 5% from a month ago. Its' Gulf Coast count, which includes the Eagle Ford Shale, rose to 90, the highest level that region seen since the pre-COVID era of October, 2019. The major jump in oil prices Thursday comes a day after the OPEC+ cartel agreed once again to stay with its program of adding 400, 000 additional barrels of oil per day back onto the global market at the first of each month amid speculation by some observers they might do more. Obviously, the market deemed that news to be insufficient to balance supply with demand, perhaps in part due to the reality that some OPEC+ member nations have had a hard time meeting their production allocations over the last 6 months. The rig count information isn't exactly a full drilling boom kind of number. The Enverus count regularly topped 1, 000 active rigs throughout 2017 and much of 2018, and topped 2, 000 during several weeks in the midst of the huge shale drilling boom in 2014. However, it is a signal that companies are quickly implementing