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Home / Business / The number of US rigs is sinking amid production slump

The number of US rigs is sinking amid production slump



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According to Baker Hughes, US oil and gas rigs dropped 4 this week after a series of losses had eroded 36 rigs since the beginning of May. The United States fell 5 to 779 according to the report active gas rigs increased by 2 to 1

74. The number of different rigs fell by 1.

The combined number of oil and gas rigs now stands at 954 for the week Oil saw a decline of 79 rigs over the previous year, and gas production rigs have been on the decline this time last year at 13. The number of combined oil and gas rigs decreased by 92 compared to the previous year.

Since the beginning of the year, the number of oil rigs has dropped from 858 active rigs to 779, while the number of gas rigs has dropped from 187 to 187. During the same period

oil prices dropped sharply this week, although tensions in the Middle East rose and fell, which ultimately did not raise prices pushed down on reports of rising crude oil and gasoline stocks in the US.

] Today at 11:20 EST, WTI lost 0.02 USD (-0.04%) at 55.40 USD – nearly 5 USD less per week. The Brent benchmark of $ 62.15 was up $ 0.22 (+ 0.36%), slightly above the daily average, but was still down nearly $ 4 / barrel below last week's prices.

US production declined to $ 12.0 million in the week ended July 12, bpd 400,000 bpd, and the lowest production level since early March.

Canada's total rigs increased 1 this week after declining by 3 last week. Canada's oil rigs have dropped 59% and gas platforms 34% since last year.

Overall, the number of active oil and gas platforms fell by 185 compared to the previous year.

By Julianne Geiger for Oilprice. com

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