Key facts
- The total number of active oil and gas drilling rigs in the U.S. fell to 588.
- Active oil rigs decreased by three to 452.
- Active gas rigs fell by one to 127.
- U.S. crude oil production averaged 13.830 million barrels per day.
- Oil prices rose, with Brent at $94.23 and WTI at $86.92.
The total number of active drilling rigs for oil and gas in the United States decreased this week, according to data published by Baker Hughes. The overall rig count fell to 588, an increase of 50 from the same period last year. Specifically, active oil rigs dropped by three to 452, while gas rigs declined by one to 127. Miscellaneous rigs also saw a decrease of one, bringing the total to nine.
Despite the pullback in drilling activity, U.S. crude oil production averaged 13.830 million barrels per day for the week ending August 14, a slight increase from the previous week and significantly higher than a year ago. The number of crews completing wells, as estimated by Primary Vision, fell by three to 193.
Activity in key regions showed mixed trends. The Permian Basin saw an increase of two active drilling rigs, reaching 267, which is 12 rigs above year-ago levels. The Eagle Ford region also saw a rise of one rig, totaling 50, 11 more than last year.
Oil prices experienced an uptick on Friday. Brent crude was trading at $94.23 per barrel, up nearly $7 from the previous week. West Texas Intermediate (WTI) was also trading higher at $86.92 per barrel.