Oil Rig Count Rises Despite Ballooning Shale Debt

12 Aug 2017   Shale Oil

The number of active oil and gas rigs in the United States rose this week by 5 rigs as drillers in the United States continue to add rigs in defiance of low oil prices, albeit at a slower rate. Combined, the total oil and gas rig count in the US now stands at 949 rigs, up 468 rigs from the year prior, with oil rigs in the United States increasing by 3 and gas rigs declining by 8. Oil rigs in the United States now number 768—372 rigs above this time last year. Canada, which lost 3 oil and gas rigs last week, gained three this week—all three oil—for a total of 220 oil and gas rigs—94 above the year ago levels. Prices fell on Thursday and Friday as the weak stock market and word of OPEC’s faltering compliance battered the unstable oil market. Despite Friday’s jawboning from Saudi […]

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