US oil and gas rig count slipped again

The number of rigs drilling for crude oil and natural gas in the US fell by seven to 622 units last week, following two consecutive weeks of gains, according to Baker Hughes.

PHOTO: Getty Images

The number of oil rigs dropped two to 504, while the natural gas rig count fell four to 115, their lowest since November. The drop in the rig count was mostly due to the decrease in gas rigs in the Haynesville oil field, which was down by three units.

There were also three miscellaneous rigs in operation – one less than the previous week.

The total oil and gas rig count in the Permian Basin in Texas - the biggest US oil field – dropped by two units to 313.

The total US oil and gas rig count was down by 124 rigs, or by nearly 17% from a year earlier.

By Debarati Bhattacharjee

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