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U.S. energy firms this week cut the number of oil and natural gas rigs operating for a ninth week in a row for the first time since July 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday.
The total oil and gas rig count, an early indicator of future output, fell by 8 to 674 in the week to June 30, the lowest since April 2022.
Baker Hughes said that puts the total rig count down 76 rigs, or 10%, below this time last year.
U.S. oil rigs fell by one to 545 this week, their lowest since April 2022, while gas rigs fell 6 to 124, their lowest since February 2022.
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In a surprising legal development, the New Mexico Court of Appeals has dismissed a...
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By Irina Slav for Oilprice.com| The 411,000 barrels daily that OPEC+ said it would...
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Tensions between Israel and Iran have sparked a surge in oil prices this June,...
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