US oil and gas rig count slips for fifth consecutive week
The number of rigs extracting crude oil and natural gas in the US fell by another five to 654 last week - its lowest level since March 2022, Baker Hughes has reported.
PHOTO: An Oilfield worker welds a pipe's end cap as sparks fly next to a derrick at an oil and gas drilling pad site. Getty Images
The rig count fell for the fifth time in a row and for the fourteenth time in the last 15 weeks.
The number of oil rigs remained unchanged last week at 525, after falling for eight consecutive weeks. The gas rig count fell by five to 123 - its lowest since February 2022. There were also six miscellaneous rigs in operation.
The total oil and gas rig count in the Permian Basin in Texas - the biggest US oil field – dropped by two units to 322.
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 could be the first month of decline this year.
The total US rig count is down by 109 rigs, or 14% from a year earlier.
By Debarati Bhattacharjee
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