Baker Hughes Rig Count: Oil unchanged at 409, Natgas unchanged at 133, Total unchanged at 551
Newsquawk Staff ·
Baker Hughes Rig Count: Oil unchanged at 409, Natgas unchanged at 133, Total unchanged at 551.
What it means
The Baker Hughes Rig Count report showing no change in oil and natural gas rigs suggests stable production levels in the current environment. This stagnation may imply a balance in supply and demand, which could limit volatility in oil prices, particularly amid ongoing geopolitical concerns and fluctuating global demand for energy.
- 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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