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U.S. Oil Drill Rigs Declines During Last Trading Week of the Year According to Baker Hughes

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Oil and gas service company Baker Hughes published a report on the change in the number of active drilling rigs in the United States for the week until December 20, 2019.

According to statistics released the day before by Baker Hughes, a week before December 20:

  • the number of oil installations decreased by 8 to 677 units.
  • the number of gas installations has not changed – 125 pcs.
  • the total number of installations decreased by 8 to 805 pcs.

Since the beginning of 2019, the number of oil rigs has decreased by 23.5%, while production in the USA over the same period has grown by 10.3% or 1.2 million barrels per day.

The maximum for 2019 is 877 oil rigs, and the maximum for 2018 is 888 operating oil rigs. This peak was formed in the week until November 16, 2019. The absolute maximum number of oil rigs in the USA was reached in October 2014. Then it was registered 1609 pieces. Accordingly, since that time, the number of active oil rigs has decreased by 2.3 times.

The US Department of Energy’s Energy Information Administration published oil and oil product inventories. According to the report of the Ministry of Energy, a week before December 20, 2019, US crude oil inventories decreased by 5.47 million barrels. This exceeded analysts’ forecasts, expecting a decrease of 1.5 million barrels, but turned out to be lower than the decrease of 7.9 million barrels that was predicted by the American Petroleum Institute’s industry report released the day before. The volume of oil production per week increased by 100 thousand and returned to the previously set record value of 12.9 million barrels per day.