Drilling rig collapse in the US continues despite soaring oil prices

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Baker Hughes reported on Friday that the number of oil and gas platforms in the United States fell further this week from 21, to 318, with a total of 665 fewer oil and gas platforms than during the same period last year, a drop of more than 67%. extinct in one year.

The number of oil rigs declined for the week by 21 rigs, according to data from Baker Hughes, bringing the total to 237, a loss of 560 rigs from year to year. It is the smallest number of active oil platforms in play since mid-2009.

The total number of active gas platforms in the United States was 79, the report said. That compares to 186 platforms a year ago.

The significant drop in the number of rigs in the past two months is also reflected in the EIA estimate for oil production in the United States, which fell again this week to 11.5 million barrels of oil per day on average for the week ending May 15, which is 1.6 million b / d from the all-time high and 100,000 b / d less than the previous week. This is the seventh consecutive weekly production decline.

The total number of drilling rigs in Canada decreased by 2 rigs this week to 21 rigs. Oil and gas platforms in Canada are now down 57 years.

At 12:08 p.m., WTI was trading 2.92% to $ 32.93. Although declining during the day, it is almost $ 4 from week to week. The Brent benchmark traded 3.22% at $ 34.90 a day, but up almost $ 3 a barrel week after week. Friday’s falling prices were due to market fears, as China failed to release the annual economic outlook on Friday as expected.

By Julianne Geiger for Oilprice.com

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