08 Jun Energy Price, news & commentary 08/06/26: Baker Hughes Rig Count: U.S. +1 to 563 Canada +7 to 169
(Oilandgaspress) The Worldwide Rig Count for May was 1,734, up 19 from the 1,715 counted in April 2026, and down 27, from the 1,761 counted in May 2025.
U.S. Rig Count is up 1 from last week to 563 with oil rigs up 2 to 431, gas rigs down 1 to 124 and miscellaneous rigs unchanged at 8.
Canada Rig Count is up 7 from last week to 169 with oil rigs up 6 to 115, gas rigs up 1 to 54 and miscellaneous rigs unchanged at 0.
International Rig Count is up 10 from last month to 1,046 with land rigs up 8 to 815, offshore up 2 to 231
| Region | Period | Rig Count | Change |
| U.S.A | 05 June 2026 | 563 | +1 |
| Canada | 05 June 2026 | 169 | +7 |
| International | May 2026 | 1,046 | +10 |
| Baker Hughes |
The Baker Hughes International rig count is a monthly census of “active” drilling rigs exploring for or developing oil or natural gas outside North America (US & Canada).
The Baker Hughes rig count defines active rigs as rigs that are actively conducting drilling operations on a given well For a rig to be active the below conditions must be met:
• The rig must be drilling (turning to the right)
• Drilling needs to have occurred for a majority of the week (4 days out of 7)
• The active rig must be working on a well which is a significant consumer of oilfield products and services
| Region | Period | Rig Count | Change |
| Africa, Land/Offshore | May 2026 | 106 | +4 |
| Middle East, Land/Offshore | May 2026 | 484 | +4 |
| Asia-Pacific, Land/Offshore | May 2026 | 199 | -6 |
| Latin America, Land/Offshore | May 2026 | 137 | -7 |
| Europe Land/Offshore | May 2026 | 120 | +2 |
| Baker Hughes |
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 7 June 2026, to review global market conditions and outlook.
In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023. This adjustment will be implemented in July 2026 as detailed in the table below. The additional voluntary adjustments announced in April 2023 may be returned in part or in full subject to evolving market conditions and in a gradual manner. The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments, including reversing the previously implemented voluntary adjustments announced in November 2023.
The seven OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The seven countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC). They also confirmed their intention to fully compensate for any overproduced volume since January 2024. The compensation period will be extended until the end of December 2026.
The seven OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The seven countries will meet on 5 July 2026. Related News
| Oil and Gas Blends | Units | Oil Price | Notes |
| Crude Oil (WTI) Oilprice | US$/bbl | $94.96 | Up |
| Crude Oil (Brent) | US$/bbl | $97.71 | Up |
| Bonny Light 29/05/26 CBN | US$/bbl | $98.44 | — |
| Dubai | US$/bbl | $90.46 | Down |
| Natural Gas | US$/MMBtu | $3.11 | Down |
| Murban | US$/bbl | $93.64 | Down |
| OPEC basket 05/06/26 OPEC | US$/bbl | $100.63 | Down |
| At press time June 08, 2026 |
In light of the continued commitment of the OPEC and non-OPEC Participating Countries in the Declaration of Cooperation (DoC) to achieve and sustain a stable oil market, the Participating Countries decided to:
1. Reaffirm the Framework of the Declaration of Cooperation, signed on 10 December 2016 and further endorsed in subsequent meetings.
2. Reaffirm the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC as agreed in the 38th OPEC and non-OPEC Ministerial Meeting until 31 December 2026.
3. Reaffirm the mandate of the Joint Ministerial Monitoring Committee (JMMC) to closely review global oil market conditions, oil production levels, and the level of conformity with the DoC, assisted by the Secretariat. The JMMC meeting is to be held every two months.
4. Reaffirm the JMMC’s authority to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments, whenever deemed necessary.
5. Reiterate the critical importance of adhering to full conformity and the compensation mechanism.
6. Affirm the importance of completing the maximum sustainable production capacity (MSC) assessment for all DoC countries to be used as reference for 2027 production baselines.
7. Endorse the plan developed by OPEC Secretariat to achieve the objectives of the Charter of Cooperation (CoC), which was signed on 2 July 2019.
8. Hold the 42nd OPEC and non-OPEC Ministerial Meeting on 29 November 2026.
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