Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » U.S. drillers add oil and gas rigs for second week in a row – Baker Hughes

    U.S. drillers add oil and gas rigs for second week in a row – Baker Hughes

    July 16, 2022
    Share
    Facebook Twitter LinkedIn WhatsApp
    US offshore rig

    News wire — U.S. energy firms this week added oil and natural gas rigs for a second week in a row, but only incrementally as softening crude prices deter some drillers from returning to the wellpad.

    The oil and gas rig count, an early indicator of future output, rose four to 756 in the week to July 15, its highest since March 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. RIG-USA-BHIRIG-OL-USA-BHIRIG-GS-USA-BHI

    Baker Hughes said that puts the total rig count up 272, or 56%, over this time last year.

    U.S. oil rigs rose two to 599 this week, their highest since March 2020, while gas rigs were unchanged for a second week in a row at 153.

    Oil prices are up about 31% so far this year, soaring during the first half of 2022 after Russia’s invasion of Ukraine in February added to supply concerns.

    However, at about $98 a barrel on Friday, prices were set to fall for a second straight week, after falling in June, the first montly decline since November, due to recession concerns that would lead to demand destruction.

    Even though the total rig count was up for a record 23 months through June, weekly increases have mostly been in the single digits and oil production is still below pre-pandemic record levels as many companies focus more on returning money to investors and paying down debt rather than boosting output.

    U.S. crude production was on track to rise from 11.2 million barrels per day (bpd) in 2021 to 11.9 million bpd in 2022 and 12.8 million bpd in 2023, according to federal energy data. That compares with a record 12.3 million bpd in 2019.

     

    Reporting by Scott DiSavino Editing by Marguerita Choy – Reuters

    Follow us on twitter

    Related News

    OPEC+ adopts plan for 2027 baselines ahead of July output hike talks

    Port Harcourt Refinery shutdown after six months raises new questions

    Saudi Aramco sets spread for three-part bond sale

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    OPEC+ adopts plan for 2027 baselines ahead of July output hike talks

    May 28, 2025

    Gold prices rise amid fiscal and geopolitical risks

    May 28, 2025

    Verdagy’s hydrogen to power Mainspring Energy’s linear generators

    May 28, 2025

    Nigeria rallies economic team to counter US 14% tariff threat

    May 28, 2025

    Nigeria targets 12Bcf gas output, eyes top 10 global ranking by 2030

    May 28, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.