1323 ET - The number of rigs drilling for oil in the U.S. increased by one this week to 412, and was down by 75 from a year ago, Baker Hughes reports. The EIA raised its oil price forecasts because of the conflict in the Middle East, and as a result expects U.S. producers to step up drilling, particularly in 2027. The agency raised its 2027 U.S. oil production estimate by 500,000 barrels a day to a record 13.8 million b/d, compared with an expected 13.6 million b/d this year. U.S. production will depend on the oil price, says Dennis Kissler of BOK Financial. "If it's in the low $50s, no growth. In the $70s or mid-$70s, we'll see some growth in production. "Natural gas rigs rose by one this week to 133, or 33 more than a year ago. (anthony.harrup@wsj.com)

(END) Dow Jones Newswires

March 13, 2026 13:23 ET (17:23 GMT)

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