US rig count drops for second straight week

The number of rigs drilling for crude oil and natural gas in the US fell by three to 621 units last week, according to Baker Hughes.

PHOTO: An Oilfield worker welds an end cap to a pipe as sparks fly next to a derrick at an oil and gas drilling pad site. Getty Images

The number of crude oil rigs in operation dropped by three to 506.

The US' total gas rig count remained unchanged last week at 112 - the lowest since January 2022. There were also three miscellaneous rigs in operation – same as in the week prior.

The total oil and gas rig count in the Permian Basin in Texas - the biggest US oil field – rose by one unit to 316.

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

By Debarati Bhattacharjee

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