The number of total active drilling rigs in the United States rose by 7 this week, as WTI trades at more than $113 per barrel. The total rig count increased to 670 this week—253 rigs higher than the rig count this time in 2021. Oil rigs in the United States rose by 7 rigs to 531, while gas rigs stayed the same at 137.
Miscellaneous rigs also stayed the same. While drilling activity has picked up in the United States over the last few months, U.S. production—a corollary to drilling rigs but with months of lag—has not. While Americans…U.S. Oil Rig Count Rises But Production Lags Behind
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