US Oil, Gas Drillers Take the Foot Off the Gas As Prices Climb
Why it matters: The U.S. rig count dropped by 38 from last year, impacting domestic oil and gas production.
- U.S. active drilling rigs for oil and gas fell to 545, a decrease of 38 from last year, according to Baker Hughes data.
- OilPrice.com reports that oil prices are tumbling as traders unwind geopolitical bets, despite the reduction in U.S. drilling.
- Gulf Producers are taking initial steps toward resuming oil flows through Hormuz, as noted by OilPrice.com, adding a layer of complexity to global oil supply.
- Active oil rigs in the U.S. remained at 411, indicating the overall decline was driven by gas rig reductions.
Despite rising oil prices, the total number of active oil and gas drilling rigs in the U.S. decreased this week, reaching 545, down 38 from last year. This reduction in U.S. drilling activity comes as oil prices are tumbling due to traders unwinding geopolitical bets, even as Gulf producers begin steps to resume oil flows through Hormuz.
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