The Strategist

Number of operating oil & gas rigs falls in USA



08/16/2022 - 08:18



Baker Hughes, an oilfield services provider, reports that the number of operating oil and gas rigs in the United States fell for the second consecutive week.



Bureau of Land Management via flickr
Bureau of Land Management via flickr
Due to the fact that oil output is not anticipated to return to pre-pandemic levels until next year, there are issues with the building of drilling rigs.

During the week of August 6–12, the number of active oil and gas rigs, the main indication of production, decreased by 1 unit to 763.

For the first time since August 2020, there were fewer active rigs for two weeks in a row.

Baker Hughes notes that there are 263 more rigs overall than there were a year ago, that is, a 53% increase.

During the reporting week, the number of oil rigs increased by 3 units to 601 while the number of gas rigs decreased by 1 unit to 160.

According to government data, the United States' oil production is anticipated to increase from 11.3 million barrels per day in 2021 to 11.9 million barrels per day in 2022 and 12.7 million barrels per day in 2023. In 2019, oil production grew to a record 12.3 million barrels per day.

source: reuters.com

 




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