Baker Hughes US Land Weekly Rig Report - July 16 2021

This week, the Baker Hughes US Land Weekly Rig Count increased by 5 rigs to finish at 466 active rigs. The Powder River Basin added 3 rigs and the Permian and MidCon each added 1 rig. The ArkLaTex region lost 1 rig in the last week.

In the past week, the members of OPEC came to a production agreement for the rest of the year, slightly increasing production. There were concerns that the OPEC members wouldn't come to an agreement which could result in unconstrained production. This agreement has increased production rates but kept a lid on total production. Oil prices have dropped in the last week due to this agreement. Since US producers continue to exercise restraint on production increases, OPEC decisions will have the largest impact on oil prices in the short term.

Figure 1: Baker Hughes US Land Weekly Rig Count - July 16 2021
(Source: Baker Hughes)

Table 1: Baker Hughes US Land Weekly Rig Count by State - July 21 2021
(Source: Baker Hughes)