Declining U.S. Oil Rig Count Signals Industry Slowdown

The number of active drilling rigs in the United States dropped by 6 this week, bringing the total rig count to 669. This marks a loss of over 100 active drilling rigs so far this year and a decrease of 406 rigs compared to the beginning of 2019. The number of oil rigs declined by 7 to 530, while gas rigs fell by 2 to 131. However, the Frac Spread Count, which estimates the number of crews completing unfinished wells, increased by 3 to 263. Crude oil production levels remained steady at 12.3 million bpd, with a year-on-year increase of 400,000 bpd. Crude oil prices also saw a slight increase, with WTI trading at $76.56 per barrel and Brent at $80.51 per barrel.