US Adds 12 Oil Rigs This Week
The U.S. added a total of 14 rigs this week, after a small decline last week, according to weekly data compiled by Baker Hughes, a GE Company.
The U.S. has now added rigs four out of the last five weeks.
There were 12 oil rigs added this week as well as two gas rigs.
This brings the nation’s oil rig count to 886, up from 738 one year ago. The overall rig count now sits at 1,081 – a significant increase from 907 this time last year.
The prolific Permian Basin currently makes up more than half of the U.S. oil rigs at 492. The Permian also added five rigs this week.
Year-to-date, the total number of active oil and gas rigs in the United States has averaged 1,025. At this rate, the total count for 2018 is expected to be the highest since 2014, which averaged 1,862 rigs, Reuters reported.
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