US Oil, Gas Rig Count Falls for Second Straight Week: Baker Hughes
OIL & GAS

US Oil, Gas Rig Count Falls for Second Straight Week: Baker Hughes

According to Baker Hughes, US drillers have cut the number of oil and gas rigs for the second consecutive week. This decline reflects ongoing market adjustments in response to fluctuating demand and pricing pressures. The number of active rigs, a key indicator of drilling activity and future production, has seen a steady decline as companies reassess their operations amidst challenging economic conditions.

The oil rig count, which serves as a barometer for future output, fell by five to 520 rigs in the last week. Gas rigs also experienced a slight decrease, dropping by two to 113 rigs. The total rig count now stands at 632, a marked reduction from the previous year's count, which peaked at over 700.

The reduction in rig activity is attributed to lower crude oil prices, which have remained volatile due to uncertainties in global supply and demand. Additionally, the US energy sector is facing increased pressure to transition toward more sustainable energy sources, prompting some companies to scale back traditional oil and gas operations.

Despite the current downturn in drilling activity, analysts predict that the long-term outlook for US energy production remains robust. However, the pace of rig deployments is expected to be influenced by both market dynamics and evolving energy policies aimed at reducing carbon emissions and promoting cleaner energy alternatives.

According to Baker Hughes, US drillers have cut the number of oil and gas rigs for the second consecutive week. This decline reflects ongoing market adjustments in response to fluctuating demand and pricing pressures. The number of active rigs, a key indicator of drilling activity and future production, has seen a steady decline as companies reassess their operations amidst challenging economic conditions. The oil rig count, which serves as a barometer for future output, fell by five to 520 rigs in the last week. Gas rigs also experienced a slight decrease, dropping by two to 113 rigs. The total rig count now stands at 632, a marked reduction from the previous year's count, which peaked at over 700. The reduction in rig activity is attributed to lower crude oil prices, which have remained volatile due to uncertainties in global supply and demand. Additionally, the US energy sector is facing increased pressure to transition toward more sustainable energy sources, prompting some companies to scale back traditional oil and gas operations. Despite the current downturn in drilling activity, analysts predict that the long-term outlook for US energy production remains robust. However, the pace of rig deployments is expected to be influenced by both market dynamics and evolving energy policies aimed at reducing carbon emissions and promoting cleaner energy alternatives.

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code