US oil rig count slips again

The number of rigs drilling for crude oil and natural gas fell by seven to 581 units last week, the lowest since December 2021, according to Baker Hughes.

The number of oil rigs fell by six to 479 – also the lowest since December 2021. The natural gas rig count fell by one to 97 – the lowest since August 2021. There were also five miscellaneous rigs in operation, unchanged from the previous week.

The total US oil and gas rig count was down by 93 rigs, or 14% from a year earlier.

By Debarati Bhattacharjee

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