US oil and gas rig count slips for fourth consecutive week

The number of rigs extracting crude oil and natural gas in the US fell by another five to 659 last week - its lowest level since March 2022, Baker Hughes has reported.

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

The number of rigs for oil only fell by four units to 525 last week, which is also the lowest since March last year. The gas rig count remained unchanged at 128. There were also six miscellaneous rigs in operation, one less than in the prior week.

The total oil and gas rig count in the Permian Basin in Texas - the biggest US oil field – dropped by four units to 329.

US oil and gas producers have slowed drilling activity in recent months after oil and gas prices cooled in the first half of this year from record highs recorded last year. The EIA says US oil output will likely drop in August, which would be the first month of decline this year.

The total US rig count is down by 105, or 14%, from a year earlier.

By Debarati Bhattacharjee

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