Oil Price Is Rising, Rig Count Is Rising: Work In The Oil Industry Is Booming

When the U.S adds rigs consistently, it’s usually an early indicator of future output. Looking at a rig count, currently, the U.S has hit the highest number of rigs since April 2020.

• U.S. oil rigs rose by eight rigs to 373 oil rigs this week, the highest since April 2020, while gas rigs rose by one to 97 gas rigs, the first increase in about six weeks, according to Baker Hughes.
• U.S. oil benchmark WTI traded around $73 a barrel on Friday, close to its highest since October 2018.
• U.S. crude production last week rose to 11.2 million barrels per day (bpd), its highest since May 2020, according to data from the U.S. Energy Information Administration (EIA) on Wednesday.

With both oil price and rig count on the increase, analysts predict that the industry will see increased drilling activity which would translate to companies needing more hands to fill positions on the field.

So how should you prepare to maximize these potential opportunities? Well, this is an excellent time to:

• Get your certificates renewed
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About the Author

Fisayo works in Business Operations at Manup and has a strong interest in the oil and energy industry. His educational background is in Petroleum Engineering from Covenant University and Artificial Intelligence and Machine Learning: For Business Application from UTexas