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Tag Archives: Oil Prices

Rig count increase raises concerns

oil rig, rig count, Baker Hughes

The Baker Hughes weekly rotary rig count showed an increase of 12 total rigs July 7 for a total of 952 rigs drilling for oil and gas in the United States. Of the 952, 763 rigs are drilling for oil, up 7 from last week, while 189 are drilling for gas, an increase of 5. By state, Alaska and Oklahoma ...

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Bakken beefs up rig count, Oklahoma up 5

rig count, Baker Hughes

For the second week in a row, the Baker Hughes North American rotary rig count increase was led by areas outside of Texas. North Dakota’s Bakken oilfields saw an increase of three new rigs this week, while Oklahoma added five new rigs exploring for oil and gas, presumably in the Granite Wash and Cana Woodford basins. The Eagle Ford in ...

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WSJ: Why Canada and Brazil hurting market balancing efforts

goodrich files bankruptcy

No one really thinks about how the “little guys” affect the effort to rebalance the oil market. Today, the Wall Street Journal reported that a “wave of new petroleum production from countries like Canada and Brazil is adding a new problem for oil traders.” The WSJ notes that the two countries are the seventh and 10th largest oil suppliers, and production ...

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Rig count increases for 17th week in a row

oil rig, rig count, Baker Hughes

According to the May 12 Baker Hughes rig count, drillers added 8 rigs for a total of 885 total rigs exploring for oil and gas. It’s the 17th straight week of increases. The count is up 479 from last year at this time. Oil rigs increased by nine, while the total rigs exploring for gas dropped by one. It’s no surprise ...

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Up, up and away! Rig count up another 3

oil rig, rig count, Baker Hughes

The Baker Hughes U.S. rig count continues to steadily climb, gaining another 3 rigs this week. A total of 602 rigs are exploring for oil, up 5 from last week, while gas rigs declined by 2. By state, Texas still leads the pack with 386 rigs, up 8 from last week. Alaska and Louisiana each lost two, while North Dakota ...

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Will OPEC continue to cut production?

Ten OPEC countries achieved 91 percent of their required cuts in January, according to an S & P Global Platts survey released on Monday. In the agreement signed last year, OPEC countries promised to cut 1.2 million b/d for six months and freeze production at 32.5 million b/d for six months in 2017. This includes production by Indonesia, whose OPEC membership is ...

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Movin’ on up! Rig count gains 18

oil rig, rig count, Baker Hughes

The Baker Hughes rig count showed another generous gain Friday. After a large jump last week, the number continues to climb. Of the 712 total, 566 are exploring for oil, 145 are exploring for gas, and 1 is labeled miscellaneous. Offshore, the rig count dropped by 3. The Permian Basin continues to stand out, claiming over half of the total ...

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Halliburton hiring in West Texas

An oil and gas drilling rig operating in the Permian Basin near Farmington, New Mexico. (Image courtesy of Encana Corp)

According to FuelFix, Halliburton is set to hire 200 workers in the Permian Basin in West Texas and New Mexico. The Current-Argus reported that Halliburton spokeswoman Emily Mir said in late December there will be job opportunities throughout the Permian, including in Artesia. As the oil industry begins to see a small upswing, local businesses are crossing their fingers that ...

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AP Interview: IMF says low oil prices still hurting Mideast

middle east oil, mideast economy, oil prices, OPEC

DUBAI, United Arab Emirates (AP) — Oil-producing Mideast countries are coping with low global oil prices though more government reforms are needed, the International Monetary Fund’s chief for the Mideast said as the organization issued a new report Wednesday showing weak economic growth in the region. Masood Ahmed also told The Associated Press that Iran’s economy beat expectations by growing ...

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