U.S. rig count increases again this week as Russia's war against Ukraine drives demand
Jordan Vonderhaar / Bloomberg
The U.S. rig count rose again this week as companies work to take advantage of high oil and gas prices, and to help make up for Russian supply lost to the market due to sanctions for its invasion of Ukraine. The number of operating drill rigs rose by 7 nationally to 705 this week, according to oil field services company Baker Hughes. Oil and gas companies have added 257 rigs in the past year, a 57 percent increase from the 448 operating in the same week of 2021.Companies continue to face mounting pressure to up production in an effort to cool rising consumer prices and help meet global demand, which is growing faster than supply.
Despite those issues, with the price of crude oil at or above $100, experts still expect production in places like the Permian Basin of Texas to surge, potentially hitting new records after an “all-time high” number of drilling permits issued in March of this year.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russia denies Putin is declaring war on Ukraine next week'It is nonsense,' Kremlin spokesperson Dmitry Peskov said when asked about reports of an upcoming declaration of war.
Read more »
Russia-Ukraine live updates: Russians entered Mariupol plant, shelling ongoingLATEST: At least 25 civilians were injured by Russian shelling on residential areas and the central part of Kramatorsk on Wednesday night, according to the local city council.
Read more »
Russia Steps Up Attacks on Ukraine Railways, Other InfrastructureRussia is intensifying strikes on Ukrainian infrastructure, seeking to disrupt deliveries of Western weapons as Moscow’s offensives in the east appear to have stalled
Read more »
Russia-Ukraine war live updates: Heavy fighting at Mariupol plant; E.U. discusses oil embargoAs European diplomats prepare to meet again Thursday to discuss plans to phase out Russian oil imports, Mariupol officials said they've lost contact at the steel plant where Russian troops have used heavy bombs to strike at Ukrainian forces.
Read more »
Russia scales back May 9 Victory Day parade as Ukraine war takes tollRussia's defense ministry said 129 units of military equipment will cross Red Square on May 9, in contrast to last year when 191 military vehicles took part.
Read more »
Russia-Ukraine war live updates: 'Bloody battles' rage inside Azovstal steel plant, last Mariupol holdoutHeavy fighting has been raging inside Ukraine's Azovstal steel plant, where Mariupol's last defenders have been holding out under Russian bombardment for weeks.
Read more »