US Oil Rig Count Drops, Production Decline Continues

Oil and gas drilling rigs in the U.S. saw a notable drop this week, with the total rig count falling by ten to 544. This is 38 rigs lower than last year, indicating a continued downward trend. The decline was primarily driven by a decrease in oil rigs, which fell by 12 to 407. However, gas rigs increased slightly, going up by 3 to 130. Despite these drops, Primary Visions Frac Spread Count rose for the second consecutive week, gaining 4 to reach 179. The WTI benchmark for oil recovered from an earlier dip, showing a 29 cent gain for the day, trading at $58.24. The Brent benchmark also saw an increase, trading up 20 cents per barrel at $62.69, marking a 30-cent rise over the week.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.