US oil and gas rig count drops for second consecutive week

The number of rigs extracting crude oil and natural gas in the US fell by four to 751 last week, Baker Hughes reported.

PHOTO: Oil fracking drill rig in the Permian Basin in West Texas, US. Getty Images

The US oil rig count fell by two units to 590 last week, and natural gas rigs also dipped by two to 158.

Crude oil and natural gas producers have been reducing their activity levels as prices by large have gradually traded lower since last November. US drilling activity is likely to be slower through the rest of this year and next year, according to Reuters analyst John Kemp.

The total rig count in the Permian Basin in Texas - the biggest US oilfield – was up by one unit to 353.

Compared to a year earlier, the total US oil and gas rig count was up by 62 rigs, or 9%.

By Debarati Bhattacharjee

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