Baker Hughes Rig Count: Oil +4 at 411, Natgas -2 at 132, Total +1 at 551
Newsquawk Staff ·
Baker Hughes Rig Count: Oil +4 at 411, Natgas -2 at 132, Total +1 at 551.
What it means
The increase of four oil rigs and a decline of two natural gas rigs suggests a slight uptick in exploration activity for oil, which may support prices amid ongoing demand concerns. The total rig count remains modest, which could indicate a continued cautious stance in the market, especially given the sensitivity of oil prices to supply changes and geopolitical factors.
Sources
- ADNOC reportedly informed some Asian refiners that it may begin delivering Upper Zakum crude via a new pipeline to the Fujairah terminal in early 2027, allowing shipments to bypass the disrupted Strait of Hormuz, according to Bloomberg
- US White House says the oil agreement with Venezuela will deliver a total of 65bln barrels
- Syria and Iraq discuss exporting Iraqi oil via the Baniyas pipeline
- UAE’s Sharjah temporarily closes all its beaches as a precautionary measure after an oil spill, according to a statement
- Russian Deputy PM Novak says they are open to work with US partners on energy, but there are no current discussions around a return to specific projects
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