The number of total active drilling rigs in the United States rose by 2 this week, according to new data from Baker Hughes published on Friday.
The total rig count rose to 758 this week—267 rigs higher than the rig count this time in 2021.
Oil rigs in the United States were unchanged this week at 599. Gas rigs rose by 2, to 155. Miscellaneous rigs stayed the same at 4.
The rig count in the Permian Basin fell by 1 to 349 this week. Rigs in the Eagle Ford increased by 1 to 70. Oil and gas rigs in the Permian are 107 above where they were this time last year.
Primary Vision's Frac Spread Count, an estimate of the number of crews completing unfinished wells—a more frugal use of finances than drilling new wells—slipped to 279 for week ending July 15, compared to 242 a year ago.
Crude oil production in the United States slipped to 11.9 million bpd in the week ending July 15, down 100,000 bpd from the week prior.
Slowing global oil demand growth next year, spiking food prices, and fears of recession in major oil-importing countries are set to slow economic growth in the Middle East, whose major oil producers are enjoying this year a windfall of oil revenues and the highest growth in years. Economies in the Arab Gulf states that are part of the Gulf Cooperation Council (GCC)—Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE)—are on track for the fastest economic growth in years and for budget surpluses, for some of them the first surpluses in a decade.
Growth in the GCC is expected at 6.2% this year, according to a Reuters poll of economists who revised up their 5.9% economic growth forecast from a similar poll in April.
However, growth will slow down next year, to 3.8% across the GCC, the economists reckon.
“A broadening or worsening of the war in Ukraine could tip the global economy into recession, pushing oil prices down sharply even if oil supply remains constrained, hitting regional growth and fiscal balances,” Ensaf Al-Matrouk, assistant economist at NBK, told Reuters.