Baker Hughes Reports a Slight Increase 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, although the annual decline stands at 21 rigs.

Simultaneously, the US gas rig count experienced a two-rig increase to 102, but it still reflects a 17-rig drop compared to the same period last year. The total number of rigs in the country now stands at 589, representing a seven-rig increase from last week and a 37-rig decrease from the previous year.

Canadian Rig Count Shows Mixed Trends

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 saw a four-rig increase from the same period in the previous year, whereas the number of gas rigs dropped by four.