Monday, January 6, 2025

A One-Rig Drop this Week Conceals Larger Shifts in U.S. Drilling Picture

Gas activity up sharply, active oil rigs record largest fall since May 2016 Drilling activity declined this week, continuing the drop from last week according to the latest edition of Baker Hughes’ Rig Count. A net one rig shut down in the week, meaning there are 1,075 rigs active in the country. The only shift among location type was one

Markets Surge as OPEC+ Production Cut Exceeds Expectations

OPEC+ agree to cut 1.2 MMBOPD U.S. shale received an early Christmas gift today, as OPEC and non-OPEC finally agreed to a new production cut agreement. OPEC, Russia and their allies have agreed to a combined cut of 1.2 MMBOPD, relative to October production levels. OPEC itself will decrease output by 800 MBOPD, while Russia will provide much of the