US rig count at three-year low

There are now fewer oil and gas rigs in operation in the US than at any time since December 2021.

The country’s oil rig count has dropped by six on the week, to 472. That is 27 fewer than a year ago.

The gas rig count is up by one on the week, to 99, but down by 20 on the year.

The US Energy Information Administration (EIA) recently forecast US crude oil production to rise this year and hit 13.6 million b/d. That would be a new all-time high, and erase last year’s 13.2 million b/d record.

President Donald Trump has encouraged oil and gas producers to “drill, baby, drill” unrestrained. But it’s not all up to him, and oil and gas companies could continue to prioritise profits and dividends over production volume.

By Erik Hoffmann

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