The US oil and gas rig count rose for the first time in eight weeks, increasing by one for the week, and US oil production has hit a new record high for the week, OilPrice.com reports.
The total oil and gas rig count now stands at 856, or 207 down from this time last year, according to Baker Hughes’ weekly count.
Oil rigs have seen a loss of 157 rigs year on year, with gas rigs down 50 since this time last year, compared to 858 and 187 active rigs, respectively, at the beginning of the year.
Even though the number of oil rigs has declined so far this year, production has grown from 11.7 million barrels per day in January to a U.S. record of 12.6 million barrels per day for the week ending September 4. Read the full story.