Baker Hughes reports first increase in US rig count in 4 weeks

Baker Hughes released its report on the number of oil and gas rigs in the US one day earlier than usual due to the Good Friday holiday. The count rose by two over the past week, reaching a total of 585 units. This figure serves as an indicator of future production levels, according to Reuters.

While marking the first increase in four weeks, the total number of rigs remained below last year's levels. The current US rig count is still 5% (or 34 rigs) lower than during the same period in 2024.

In the week leading to April 17, the United States added one gas rig and one oil rig. This brought their numbers to 98 and 481 respectively. Experts have observed a multi-year decline in rig numbers, with a 5% drop in 2024 and a 20% decrease in 2023. Analysts link these dynamics to the correction of energy prices. Thus, US energy firms have to focus on increasing shareholder returns and paying down debts, rather than on boosting output.

Meanwhile, the Energy Information Administration (EIA) expects US production to rise in 2025 despite the downward price trend since the beginning of the year.