US rig count drops for third straight week

The number of rigs extracting crude oil and natural gas in the US fell by four to 619 last week - its lowest level since February 2022, Baker Hughes has reported.

PHOTO: Oil field with pump jacks in the US. Getty Images

Crude oil rigs declined by five to 497, the lowest since January 2022. after a drop in the biggest US oil field - Permian Basin of Texas. The Permian oil rig count stood at 302 units, which was the lowest since February 2022.

However, the US natural gas rig count rose by two units to 118 last week.

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

By Debarati Bhattacharjee

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