09 Jun Latest oil prices news and commentary 09 June 2026
(Oilandgaspress) One can argue that the recent energy transition is being driven more by changes in consumer demand than by supply constraints alone. As renewable energy sources such as solar and wind become cheaper and more reliable, global consumers are reducing their dependence on oil and gas. Geopolitical oil supply disruptions now have less economic impact than in previous decades because many economies are diversifying energy sources.
Despite oil prices floating at circa $100 per barrel, electricity prices in much of Europe declined because renewable energy generation expanded rapidly. Large increases in solar and wind power reduced dependence on fossil fuels and softened the economic effects of higher oil prices.
China has significantly reduced oil imports thereby lowering global demand.
Energy transitions are now primarily demand-driven. Fossil fuel demand growth may weaken permanently if renewable alternatives continue improving in cost and reliability. And renewable energy is increasingly capable of stabilizing energy markets.
| Oil and Gas Blends | Units | Oil Price | Notes |
| Crude Oil (WTI) Oilprice | US$/bbl | $88.88 | Down |
| Crude Oil (Brent) | US$/bbl | $92.20 | Down |
| Bonny Light 29/05/26 CBN | US$/bbl | $98.44 | No Update |
| Dubai | US$/bbl | $91.17 | Up |
| Natural Gas | US$/MMBtu | $3.15 | Up |
| Murban | US$/bbl | $89.50 | Down |
| OPEC basket 08/06/26 OPEC | US$/bbl | $102.52 | Up |
| At press time June 09, 2026 |
Baker Hughes Rig Count: International +10 to 1,046, U.S. +1 to 563 Canada +7 to 169
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 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.
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 |
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