Baker Hughes Energy Services writes outside of one of their offices. Reuters Photo.
(Reuters) – US oil companies added oil platforms this week for the fifth time in six weeks, keeping the total number of rigs at the highest level in more than three years and producing crude from rocky oil basins at record high.
The number of oil bugs in the US increased by two diggers during the week ending November 16, resulting in a total of 888 diggers, the highest level since March 2015, Baker Hughes Energy Services said on Friday in his next weekly report. .
After a modest increase of five rigs in the third quarter, energy companies put 25 excavators since the beginning of the fourth quarter.
The number of active oil platforms in America, a preliminary indicator of future production, is higher than a year ago when it met 738, when energy companies increased spending this year to increase production to take advantage of rising prices.
Energy Information Administration said this week that US crude oil production from seven major rock oil basins is expected to increase by 113,000 bpd to 7.9 million bpd in December, largely driven by increases in the Texas basin in Texas and New Mexico.
Prepared by Wajdi Al-Alfi for the Arab publication