OPEC raised oil output in 2021 but saw the number of active oil wells increase only slightly and the number of new completed wells decline, a factor in surging oil prices in 2022.
U.S. oil rigs rose 10 to 594 this week, their highest since March 2020, while gas rigs gained three to 157, their highest since September 2019. That put the overall oil and gas rig count up for a record 23 months in a row, gaining 26 in June.
Bakken producer Hess Corp. expects to add a fourth rig to its North Dakota operations in July, moving forward from the company's original goal of adding the additional rig in 2023.
Even though the U.S. rig count has climbed for a record 22 months in a row through May, weekly increases have been incremental and crude production has been largely stagnant over the last few months.
The oil and gas rig count has risen to 733 in the past week, its highest since March 2020, serving as an early indicator of future output, according to a report by Baker Hughes.
The oil and gas rig count were flat at 727 in the week to June 3, Baker Hughes Co. said in its closely followed report. That puts the total rig count in the U.S. up 271, or 59%, over this time last year.
Baker Hughes said that puts the total rig count up 273, or 60%, over this time last year.
Even though the combined rig count has climbed for a record 21 months in a row through April, weekly increases have mostly been in single digits and oil production is still far below pre-pandemic record levels.