US rig count drops for second straight week

The number of rigs drilling for crude oil and natural gas in the US dropped by eight to 605 units last week – the lowest since January 2022, according to Baker Hughes.

PHOTO: Oil fracking drill rig in the Permian Basin in West Texas, US. Getty Images

The number of oil rigs fell by seven to 499 and the natural gas rig count dropped by three units to 102, the lowest since December 2021. There were also four miscellaneous rigs in operation, two more than the previous week.

The total oil and gas rig count in the Permian Basin in Texas - the biggest US oil field – fell by one unit to 316.

The total US oil and gas rig count was down by 143, or 19% from a year earlier.

By Debarati Bhattacharjee

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