US drillers cut oil and gas rigs for third week in a row, Baker Hughes says

📆 11/5/2024 1:22 pm
📰 Reuters

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U.S. energy firms this week cut the number of oil and natural gas rigs operating for a third week in a row, energy services firm Baker Hughes said in its closely followed report on Friday.

Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford/File Photo

The oil and gas rig count, an early indicator of future output, fell by two to 603 in the week to May 10, the lowest since January 2022. , ,Baker Hughes said oil rigs fell three to 496 this week, their lowest since November, while gas rigs rose one to 103.

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