The oil and gas rig count, which often serves as an early gauge of future production, experienced a slight surge this week, rising by one to reach a total of 621 rigs in operation by the week ending on January 26. This comes amid a marginal increase heralded by Baker Hughes. However, it's important to note that despite this week's uptick, the overall scenario in the petroleum industry might paint a different picture.
1. The oil and gas rig count rose by one to a total of 621 operational rigs in the week ending on January 26.
2. Baker Hughes reported the slight increase in the rig count.
3. Despite the indication of increase, the overall scenario in the petroleum industry might depict a different state of affairs.
4. Baker Hughes reported that the total rotary drilling rigs in operation in the United States also increased to 621.
5. A gradual increase in the rig count can imply a potential upturn in the sector, and reflects an improvement in upstream activity which had been impacted by volatile oil and gas prices in recent years.
In the United States, the total number of active oil and gas drilling rigs was 407, as reported by Baker Hughes for the week ending on 30th January 2022.
Baker Hughes, a GE company, reported that the total count of rotary drilling rigs operating in the United States increased to 621 during the week ending January 26. This represents a single-unit increase from the previous week's count. While this may seem insignificant, a gradual increase in the rig count can imply a potential upturn in the sector. The weekly rise in rig numbers signifies an improvement in upstream activity after being negatively impacted by the volatility in oil and gas prices during the past few years.