US oil and gas rig count slipped by one

The number of rigs extracting crude oil and natural gas in the US fell by one to 760 last week, Baker Hughes reported.

PHOTO: Drill rig in northern West Virginia's Marcellus shale formation. Getty Images

The number of oil drilling rigs in operation in the US fell by two units to 607 last week - after a big increase in the previous week.

The rig count in the Permian Basin in Texas - the biggest US oilfield – remained unchanged at 352.

Gas rigs rose by one to 151, after falling for two consecutive weeks.

Despite the weekly decline, there were still 87 more oil rigs and 27 more gas rigs in operation than a year earlier, when activity was still hit by the Covid-19 pandemic. The total US oil and gas rig count was up by 115 rigs, or 18%, from a year earlier, Baker Hughes said.

By Debarati Bhattacharjee

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