U.S. energy firms this week added oil rigs for a fifth time in six weeks, keeping the rig count at its highest in over three years and crude production from shale basins at a record high.
Source: www.reuters.com
For the week to Nov. 16, U.S. crude oil companies added two rigs, bringing the total count to 888 compared to 738 rigs a year ago, as per per energy services firm, Baker Hughes. The addition is the fifth in six weeks and keeps the rig count at its highest in over three years and crude production from shale basins at a record high. Going by the total number of oil and gas rigs active (1,026) so far this year, the total count for 2018 is on track to be the highest since 2014, which averaged 1,862 rigs. Continued increase in rig count and the resulting output has had a severe impact on WTI crude prices, which are trading near one-year lows of US$57/bbl.
