The number of operating drill rigs fell nationally by three to 762 this week, according...
Jon Shapley, Houston Chronicle / Staff photographer
The U.S. rig count is down this week even as the price of oil increased on news the Organization of the Petroleum Exporting Countries wouldto 762 this week, according to oil field services company Baker Hughes. Oil and gas companies in the U.S. have added 229 rigs in the past year, a nearly 43 percent increase from the 533 operating at this time last year.Meanwhile, the price of West Texas Intermediate, the U.S. benchmark for crude oil, started the week around $83 per barrel.
Analysts say OPEC’s decision will likely mean a real decrease in global supply of about 900,000 barrels per day because some member countries already weren’t meeting quotas. Still, the news sent prices to end the week around $92 per barrel on concerns that the already tight global oil supply will become even tighter.
The current rig count is sitting just about 30 below the around 790 rigs operating in early 2020 before the pandemic hit. According to the Energy Department, at that time the price of WTI was trading
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