Rigs on the rise
Drillers are slowly picking up their pace as signs of optimism return to parts of the oil patch
The Permian shale basin in west Texas is driving the US rig count higher as oil drillers eye a return to work on signs the global crude glut is easing and higher prices are here to stay. After a precipitous 20-month decline, the oil-directed rig count appeared to bottom out at 316 in late May—down 80% from 1,600 in September 2014, according to Baker Hughes data. By early August, the oil rig count had rebounded to 381, with 10 straight weeks of additions. Crude prices started to recover from their 2016 lows of less than $30 a barrel in late January and have been on the rise for most of the year. It took the financially stung shale industry around four months to respond to the climbing prices
Also in this section
16 April 2026
Demand for oil is falling because supply cannot meet it, not because it is no longer required
16 April 2026
The continent has an immediate opportunity to make the most of its energy resources by capturing gas that is currently slipping away
15 April 2026
The continent is seeing political pushback to climate plans, corporate reassessment of transition goals and rising supply risk in a fractured global order
15 April 2026
The Middle East energy crisis may turn out to be pivotal to the industry’s long-term expansion, but significant challenges still stand in its way
