U.S. Oil and Gas Industry Faces Major Setbacks with Drilling Rig Losses and Price Volatility
The total number of active drilling rigs in the US fell by 11 this week, with the total rig count falling to 720, 8 rigs below this time last year, marking the first year-over-year loss since April 2021. The decline was entirely attributed to oil rigs, which fell by 11 to 575. The rig count in the Permian Basin fell by 4. Crude oil production levels in the US fell in the week ending May 12, from 12.3 million bpd to 12.2 million bpd. The WTI benchmark was trading down $0.28 (-0.39%) on the day at $71.58.