The number of active oil and gas drilling rigs in the United States remained unchanged for the second consecutive week, reaching 603 rigs. This number is 53 rigs higher than the same time last year.
Number of Oil and Gas Rigs
Among the active rigs, the number of oil rigs increased by one to 460 rigs, which is 40 rigs more than the same period last year. In contrast, the number of gas rigs decreased by one to 132 rigs, which is 11 rigs more than the same time last year. Additionally, the number of miscellaneous rigs remained unchanged at 11.
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U.S. Crude Oil Production
According to recent data, U.S. crude oil production averaged 13.269 million barrels per day in the week ending October 16, which is a decrease from the previous week and 360,000 barrels per day less than last year. This is the first time in six weeks that the number of completion teams has also decreased, reaching 199 teams, which is 24 teams more than last year.
Meanwhile, the number of drilling rigs in the Permian Basin remained steady at 272 rigs, which is 22 rigs more than last year. In the Eagle Ford area, the number of rigs increased by 2 to 51 rigs, which is 8 rigs more than the same time last year.
With the increase in oil prices on Friday, Brent crude oil prices reached $116.52 per barrel, reflecting a 2.96% increase and an $11 rise compared to last week. West Texas Intermediate (WTI) crude oil prices also rose to $102.88 with a 3.43% increase, which is nearly $5 more than last week.
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