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Oil Rig Count Posts First Double-Digit Gain Since January
Baker Hughes reported on Friday that the number of oil rigs in the United States rose for the first time since January by 11, to 183. Oilprice.com reported that this represented the first double-digit increase since the COVID-19 pandemic locked down significant parts of America.
The total number of active oil and gas rigs increased by 10 for the week, with oil rigs climbing by 11 and gas rigs falling by one. Total oil and gas rigs in the United States are now down by 662 from a year ago.
The largest gain was seen in the Permian Basin, which added 10 rigs. Texas has the nation’s largest rig count at 108.
Oilprice.com reported that oil production in the U.S. is 2.4 million barrels per day less than its all-time high, reached earlier this year.
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- ◦Economy