Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 1 to 181. The total number of active oil and gas rigs increased for the week by 2, with oil rigs rising by 1 and gas rigs holding steady. Total oil and gas rigs in the United States are now down by 642 compared to this time last year. The EIA’s estimate for oil production in the United States dropped off considerably for the week ending August 28—the last week for which there is data, to 9.7 million barrels of oil per day. Oil production in the United States is now 3.4 million bpd less than its all-time high reached earlier this year. It is the lowest production level since January 2018. Canada’s overall rig count fell by two this week, after decreasing by two last week. Oil and gas rigs in […]