US rig count falls to lowest level since February last year

The number of rigs extracting crude oil and natural gas in the US fell by seven to 618 last week, which is the lowest since February 2022, Baker Hughes has reported.

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

The number of oil rigs fell by eight units to 496 last week, which is the lowest since January last year. The oil rigs were about 623 at the beginning of this year and have declined since.

The US natural gas rig count rose by one unit to 118. There were also four miscellaneous rigs, unchanged from the prior week.

The total US oil and gas rig count was down by 152, or 20% from a year earlier.

By Nithin Chandran

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