08/07/2026 by Thomas Clark
According to energy technology firm Baker Hughes, the total number of oil and gas rigs in the US rose in the last full week of June.
Some 440 rigs were active during the reporting period for a year-on-year increase of 26. Operational oil rigs rose by seven over the week, while gas rigs rose by three over the same period.
While oil prices have relaxed since the deal to reopen the Straight of Hurmuz, prices for crude oil have settled around $70 per barrel. Prior to the strait’s closure, US oil production was expected to plateau as lower oil prices made production uneconomical for some shale operators. The higher oil prices are driving production growth, while the AI (artificial intelligence) boom is increasing the demand for natural gas to meet the massive power demands of data centres.
Active rigs in the Permian basin dropped by 12 year-on-year to 258, but this may not be indicative of actual production. ExxonMobil is the biggest US oil and gas producer and maker of popular Mobil products like DTE hydraulic oil and SHC gear oil. Its acquisition of Pioneer Resources in 2024 enabled it to integrate new acreage for better efficiency. The practice of “refracking” mature wells has also reduced the need to drill new laterals.
According to EIA data for a slightly earlier period, total US weekly crude oil production stood at 13.819 million barrels per day (bpd). A modest rise could see it breaking the 14 million bpd milestone later in the year.
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