US oil and gas rig count slips for seventh consecutive week

The number of rigs extracting crude oil and natural gas in the US have fallen for a seventh straight week - the longest streak since July 2020, Baker Hughes reported.

PHOTO: 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 oil and gas rig count dropped by eight units to 687 last week - the lowest total rig count since April last year.

The oil rig count fell by four unit to 552 last week, which was also the lowest since April last year. And US gas rigs fell by five units to 130 - the lowest since March 2022.

The oil and gas rig count in the Permian Basin in Texas - the biggest American oil field – dropped by four units to 342.

The total US rig count is down by 53 rigs, or 7%, from a year earlier.

By Debarati Bhattacharjee

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