US oil and gas rig count falls to 19-month low

The number of rigs extracting crude oil and natural gas in the US fell by 11 to 630 last week - its lowest level since February 2022, Baker Hughes has reported.

PHOTO: Oil field with pump jacks in Bakersfield, US. Getty Images

The total rig count fell after rising for two consecutive weeks. Crude oil rigs declined by eight to 507, after a drop in the biggest US oil field - Permian Basin of Texas. The Permian rig count stood at 314 units, which was the lowest since March 2022.

The US natural gas rig count fell by three units to 118 last week.

The total US oil and gas rig count was down by 134, or 18%, from a year earlier.

By Nithin Chandran

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