Skip to content
Subscriber Only
Markets

Rig Count Rises in U.S. as OPEC Approaches Goal to Bust Oil Glut

  • Fleet drilling American fields expands to largest since 2015
  • U.S. explorers adding record supplies to world crude markets
oil rig north sea

Photographer: Matthew Lloyd/Bloomberg

By

Explorers pushed the U.S. rig count higher for another week just as OPEC nears “mission accomplished” for wiping out the global glut of oil.

U.S. working oil rigs rose by seven this week to 815, the highest since March 2015, according to data from Baker Hughes. The rig fleet has expanded in 10 of the past 12 weeks.