Baker Hughes Reports a Slight Uptick in US Oil Rigs

In the week ending December 6, the number of oil rigs in the United States saw a modest increase, rising by five to reach 482, according to the latest weekly rig count released by Baker Hughes on Friday. This marks a slight recovery from the previous week, but on an annual basis, the number of oil rigs still fell by 21.

Meanwhile, the US gas rig count experienced a two-unit increase to 102 during the same period. However, this figure is still down by 17 compared to the previous year. The total number of rigs in the country now stands at 589, reflecting a seven-unit rise from last week but a 37-unit drop from the previous year.

In Canada, the rig count declined by 11 to 194 on a weekly basis, maintaining the same level as in 2023. The number of oil rigs in Canada decreased by 10 to 124, while the gas rig count remained at 70. Interestingly, Canada's oil rig count was up by four from the same period in the previous year, while the number of gas rigs dropped by four.