U.S. Rig Count Rises Despite Oil Price Uncertainty
U.S. Rig Count Rises Despite Oil Price Uncertainty
The number of oil and gas rigs in the United States is up 5 this week, according to Baker Hughes, with the total rig count at 484, up 231 from the same time last year.
The U.S. oil rig count rose by 2 this week to 380. The number of gas rigs increased by 3 and now sits at 104. The number of miscellaneous rigs stayed the same.
U.S. drillers continue to show remarkable restraint in this higher priced environment, even as more acreage becomes profitable to develop. The EIA’s estimate for oil production in the United States for the week ending July 9 was 100,000 bpd higher than the previous week at an average of 11.4 million barrels per day. But production is still well below the 13.1 million bpd peak seen in February 2020.
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