The Strategist

Baker Hughes reports drop in active oil rigs in the US

12/20/2022 - 02:40

According to Baker Hughes, there are now fewer active drilling rigs than in September.

During the reporting week, the number of active oil and gas drilling rigs in the US decreased to its lowest level since September. The index fell for the second consecutive week due to falling oil prices, Baker Hughes, a provider of oil services, stated.

The number of operational oil and gas drilling rigs, a leading predictor of output, decreased by four units to 776 in the week of December 10–16, according to Baker Hughes.

The number of active oil rigs dropped by five units to 620 during the week, marking the lowest level in the previous six weeks. There are now 154 operating gas rigs, an increase of one.