U.S. Oil Rig Count Rises For 23rd Week In A Row

OilPrice.com ------- The number of active oil and gas rigs in the United States rose again this week by 8—marking 23 weeks of gains and continuing to press upon battered markets who are growing increasingly dissatisfied with OPEC’s production cut efforts to rebalance the supply and demand equation. The number of oil rigs in operation increased by 11, while gas rigs decreased by 3. Combined, the total oil and gas rig count in the US now stands at 941 rigs, which is 520 rigs over a year ago today, when oil prices were significantly higher than they were today. Over the last two weeks, Canada saw significant gains in the number of active oil and gas rigs. This week, Canada saw another large growth spurt, adding 11 rigs. To learn more click on the picture below to read the article.