Baker Hughes (BHI) said Friday, Oct. 28, that the U.S. oil rig count fell for the first time in about four months, while the overall rig count rose by 4 to 557 rigs.
The count was propped up by an addition of 6 national gas rigs in the U.S., bringing the count to 114. But two oil rigs were taken offline this week, bringing the count down to 441 overall and marking the first time it has fallen since June.
The news comes as concerns continue to swirl as to whether the Organization of Petroleum Exporting Countries, or OPEC, will finally agree to some form of a production freeze as the world continues to face record oversupply of crude.
West Texas Intermediate crude oil contracts for December delivery finished down 2% at $48.70 on Friday following reports that OPEC leaders meeting in Vienna were deadlocked on a details of a deal.
Baker Hughes' U.S. rig count is down 218 rigs from last year's count of 775, with oil rigs down 137, gas rigs down 83, and miscellaneous rigs up 2.
The offshore rig count, meanwhile, continues to tread water, with one rig coming offline, bringing the count down to 22.
Canadian producers ramped activity this week after taking a significant amount of rigs offline in the previous frame. The Canadian rig count, according to Baker Hughes was up 10 to 153, with oil rigs up 4 to 73, gas rigs up 5 to 79, and miscellaneous rigs up 1 to 1.
Canada's rig total is down 38 rigs from last year's count of 191, with oil rigs down 11, gas rigs down 28, and miscellaneous rigs up 1.