US oil and gas rig count slipped again

The number of rigs extracting crude oil and natural gas in the US fell by two to 619 last week, after rising for two consecutive weeks, Baker Hughes has reported.

PHOTO: Getty Images

The number of oil rigs remained unchanged last week. However, the US natural gas rig count came down by two units to 117. There were also three miscellaneous rigs in operation - unchanged from the previous week. The drop in the rig count was mostly due to the decrease of gas rigs in the Haynesville oil field, which was down by two units.

The total oil and gas rig count in the Permian Basin in Texas - the biggest US oil field – rose by one unit, from 310 to 311.

The total US oil and gas rig count was down by 140 rigs, or 18% from a year earlier.

By Debarati Bhattacharjee

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