US Oil Drilling Rigs and Production Rise Amid Falling Prices
The number of active oil and gas drilling rigs in the US has increased to 598, according to Baker Hughes' latest data. This is a 49-rig increase from this time last year, with 456 active oil rigs and 133 active gas rigs. The Permian Basin saw no change in rig count, staying at 270, which is 19 more than the same time last year.
US crude oil production rose to 13.955 million barrels per day (bpd) during the week ending September 25, a 450,000 bpd increase from the same period last year. The Frac Spread Count also saw an increase, rising by 8 crews to 195. However, oil prices fell due to Europe's announcement of releasing additional crude oil and diesel from emergency reserves.
The Brent price dropped to $101.10 per barrel (-1.14%), while the WTI price fell to $90.50 (-2.55%) on Friday prior to the data release. The decrease in oil prices may influence drilling activity, but for now, it seems that US oil production continues to grow.