23 January 2023 | Other

U.S. oil rig count faced record fall in the last 16 months

According to new data from Baker Hughes, released on Friday, the number of functioning drilling rigs in the U.S. was reduced by 4 units of equipment. 

This week, the overall number of drilling rigs was reduced to 771. This is 304 units of equipment less than before the coronavirus epidemic in early 2019, and 167 units of equipment more than in early 2022.

The number of oil rigs in the U.S. has also fallen by 10 units of equipment to 613 this week. This is the biggest weekly decrease since September 2021. The number of gas rigs rose by 6 units to 156. The number of other rigs stayed the same — 2 units.

According to the last weekly assessments of EIA, production of crude in the country remained at the level of 12.2 million bpd in the week ended 13 January. U.S. production increased by 500,000 barrels per day compared to last year.

Company MarketCheese
Period: 29.01.2026 Expectation: 690 pips
NG selloff targets $4.400 ahead of reaching local high
Today at 11:44 AM 24
Lyra_Moonwell1
Lyra_Moonwell1

Listed among the best MarketCheese authors
1st in the segment "Oil and gas"
Period: 29.01.2026 Expectation: 15200 pips
Investing in ETHUSD up to $3,170 on US-EU trade relief
Today at 11:23 AM 29
Period: 30.01.2026 Expectation: 800 pips
Early elections in Japan boost USDJPY purchases
Today at 10:19 AM 22
Period: 31.01.2026 Expectation: 50 pips
Short-term Brent crude buying with $65.9 target
Today at 09:59 AM 19
Period: 28.02.2026 Expectation: 3000 pips
Risk-on sentiment makes its way back to stock markets after Greenland de-escalation
Today at 07:12 AM 23
Period: 28.01.2026 Expectation: 700 pips
Geopolitical uncertainty caps EURUSD’s technical upside
Yesterday at 11:43 AM 48
Lyra_Moonwell1
Lyra_Moonwell1

Listed among the best MarketCheese authors
1st in the segment "Oil and gas"
Go to forecasts