U.S. rig count sees largest single-week rise since 2018


The number of active oil and gas drilling rigs in the U.S. rose by 22 last week—the 16th straight weekly increase and the largest single-week rise since February 2018.

As OilPrice.com reports, the total rig count now sits at 635 as the price of a WTI barrel slipped this week from its multiyear highs. Baker Hughes reported this week that the total active rig figure—oil, gas, and miscellaneous—is 238 rigs higher than the rig count this time in 2021.

Of the 22 rigs added in the U.S., 13 are in Texas. Utah, Pennsylvania, Oklahoma and North Dakota all saw rig increases, while Louisiana and West Virginia both decreased by one, according to World Oil. 

U.S. weekly production of crude oil increased last week, too, breaking its recent downward trend. Crude production for the week ending Feb. 4 rose 100,000 barrels per day to 11.6 million bpd, according to the Energy Information Administration. Read more.