Number of drilling rigs in US declines over ten consecutive weeks — Baker Hughes

According to Baker Hughes' weekly report released on Thursday, US energy companies reduced the number of active oil and gas drilling rigs for the tenth week in a row.

The total rig count dropped by 8 to 539. This indicator is directly linked to future production volumes of crude oil and gas. The current figure marks the lowest level since October 2021. This data was reported by Reuters.

Additionally, the company’s data shows that the number of oil rigs declined by 7 this week to 425, reaching the lowest level since September 2021.

Contrary to analysts' expectations of lower oil prices this year, the US Energy Information Administration (EIA) forecasts an increase in crude production to approximately 13.4 million barrels per day in 2025.

A similar EIA forecast for natural gas production also points to positive trends. Output is expected to rise to 105.9 billion cubic feet per day, setting a new record.