A rig in the Permian Basin in Lea County, New Mexico
US shale response to oil price boost may be muted
Behind the rig count data lie differences between public and private operators, acreage questions, the lure of returns and unwavering capital discipline
The US’ active oil and gas rig count has generally been trending downwards since the end of April even as crude prices have been creeping up in recent weeks after holding relatively steady earlier in the year. The combined oil and gas rig count fell from 755 on 28 April to 641 on 15 September, according to Baker Hughes, with oil-focused rigs declining from 591 to 515. However, the Baker Hughes data from the latest three weeks in that period suggest the decline may be turning, with the total count falling by only one, to 631, with the total count fluctuating between 632 and 631 for three weeks before rising to 641, though it remains to be seen whether this will hold. Oil rig counts typically
Also in this section
21 February 2025
While large-scale planned LNG schemes in sub-Saharan Africa have faced fresh problems, FLNG projects are stepping into that space
20 February 2025
Greater social mobility means increased global demand for refined fuels and petrochemical products, with Asia leading the way in the expansion of refining capacity
19 February 2025
The EU would do well to ease its gas storage requirements to avoid heavy purchase costs this summer, with the targets having created market distortion while giving sellers a significant advantage over buyers
18 February 2025
Deliveries to China decline by around 1m b/d from move to curb crude exports to Shandong port, putting Iran under further economic pressure
