U.S. Oil Drilling Continues to Inch Upward

Miscellaneous rigs stayed the same at 9. The latest EIA data showed that weekly U.S. crude oil production rose during week ending October 2. US crude oil production averaged 13.979 million bpd during the reporting period, up from 13.955 million bpd last week but up 350,000 bpd from a year ago.

Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells, rose again during the week ending October 2—the fourth gain in as many weeks, and up 1 crew from the week prior at 196. The number of active drilling rigs in the Permian Basin rose by 4 during the reporting period, reaching 274.

This is 24 rigs above year-ago levels. The count in the Eagle Ford held fast at 49, which is 5 more than this same time last year. Oil prices were down on Friday prior to the data release, with Brent now trading at $103.80 (-0.42%) per barrel, up $2.70 from this time last week.

WTI was also trading down on the day at $91.29 (-0.22%). By Julianne Geiger for Oilprice.com More Top Reads From Oilprice.com Asian Refiners Ditch U.S. Oil as Supertanker Rates Hit $82 Million Crude Oil is Underpriced, Energy Aspects Says Petronas to Raise Malaysia Dividend 19% to $7.8 Billion for 2027 Download The Free Oilprice App Today Back to homepage