Weekly Rig Count Shows Modest Decline in US Oil Operations

According to the latest Baker Hughes weekly rig count, the United States saw a slight decrease in oil rigs, with the count dropping by two to 484 in the week ending March 28. This marks a significant 22-rig decline compared to the same period last year.

Gas Rig Count Sees a Minor Increase

In contrast to the oil sector, the gas rig count in the US experienced a modest uptick, increasing by one to 103. However, this figure still represents a nine-rig decrease from the previous year.

Overall Rig Count Trends in the US and Canada

The total number of rigs operating in the US slightly decreased by one to 592, showing a 29-rig drop year-on-year. Meanwhile, Canada's rig count saw a more pronounced decline, with the total number falling by 17 to 163. This includes a 10-rig decrease in oil rigs and a seven-rig decrease in gas rigs compared to the previous week.