Baker Hughes Reports Weekly Increase in US Oil Rigs

The number of oil rigs in the United States saw a modest increase last week, according to the latest data from Baker Hughes. The rig count rose by five to 482 in the week ending December 6, marking a slight recovery from the previous week's figures. However, the annual decline continues, with the number of oil rigs falling by 21 compared to the same period last year.

In addition to the oil rig count, the US gas rig count also saw a slight increase, rising by two to 102 during the same week. Despite this, the gas rig count is down by 17 compared to last year. Overall, the total number of rigs in the country currently stands at 589, up by seven from last week but still down by 37 from the previous year.

Meanwhile, in Canada, the number of rigs declined by 11 to 194 on a weekly basis, with no change from the same period in 2023. The number of oil rigs in Canada decreased by 10 to 124, while the number of gas rigs remained at 70. Despite the weekly decline, Canada's oil rig count was up by 4 from the same period in the previous year, while the number of gas rigs dropped by 4.