US rig count drops to more than 2-year lows

The number of rigs drilling for crude oil and natural gas in the US dropped by six to 613 units last week – the lowest since February 2022, according to Baker Hughes.

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

The number of oil rigs fell by five to 506 and the natural gas rig count dropped by one unit to 105, the lowest since December 2021. There were also two miscellaneous rigs in operation, the same as the previous week.

The total oil and gas rig count in the Permian Basin in Texas - the biggest US oil field – fell by one unit to 317.

The total US oil and gas rig count was down by 142, or 19% from a year earlier.

By Debarati Bhattacharjee

Please get in touch with comments or additional info to news@engine.online