This week, energy firms increased the number of U.S. oil rigs but reduced the August count for the first time since August 25 months ago. Even though oil prices are still relatively high.
In its closely watched report, Baker Hughes Co stated that the oil and gas rig count, which is an indicator of future output, rose by three to 765 during the week to August 26.
This brings the total number of rigs up to 257 or 51% over last year.
This week saw oil rigs rise four to 605 and gas rigs fall one to 158.
After rising for 24 consecutive months, August’s combined oil-and-gas count fell by two rigs.
After rising for 23 consecutive months, the monthly oil rig count was stable. The gas rig count increased by one in August after remaining unchanged in July.
Although the number of oil and natural gas rigs increased for a record-breaking streak in July, weekly increases in total rig count have mainly been in the single figures and oil production is still below pre-pandemic records.
