US producers continue to pump at record rates as the number of platforms drops

According to Baker Hughes, the number of US oil and gas platforms fell again this week, falling 6% for the week, but US oil companies are pumping oil at record rates.

The total number of oil and gas platforms is 898, 150 fewer than last year.

According to the report, the total number of active oil rigs in the United States decreased by 4, to 738. The number of active gas platforms decreased by 2 to 160.

Oil rigs have suffered an annual loss of 122 rigs, with a drop of 26 since gas platforms since this time last year.

Since the beginning of the year, the number of oil rigs has gone from 858 to 738 since the beginning of the year, while the gas platforms have gone from 187 to 160 during the year. the same period.

Weekly oil production in the United States has historically peaked at an unprecedented rate despite the decline in the number of rigs, at 12.4 million bpd for the week ending August 30th.

Oil was down on Friday in anticipation of lingering concerns over oil demand stemming from the China-US trade war, which continues to hurt both industry and OPEC. The deal continues to strive to maintain its supply at a level that will propel prices to a profitable level for its oil-dependent economies.

At 11:20 am EDT today, the WTI was down 1.10%, but was still up $ 0.55 over the week. Brent was also down 0.75%, but up $ 0.70 a week.

The total number of rigs in Canada decreased this week. Oil and gas platforms fell 3, following the increase of 11 platforms last week. In Canada, oil and gas platforms are down 57 years.

WTI rose 0.66% shortly after data release, while Brent gained 1.03%.

By Julianne Geiger for Oilprice.com

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