US Oil and Gas Rig Count Shows Minor Weekly Decline

The United States observed a slight decrease in its oil rig count, with numbers dropping by one to 473 in the week ending May 16, as reported by Baker Hughes. This marks a significant annual decrease of 24 oil rigs.

Gas Rig Count Also Sees Reduction

Similarly, the gas rig count in the US declined by one to 100 for the same week, reflecting a three-rig drop compared to the previous year. The total rig count in the country now stands at 576, showing a weekly decrease of two and an annual decline of 28.

Canada's Rig Count on the Rise

In contrast, Canada's rig count saw an increase, adding seven rigs to reach a total of 121, matching the growth seen from the same period in 2024. Specifically, oil rigs in Canada rose by six to 74, while gas rigs increased by one to 47 compared to the prior week.