US Oil Rig Count Sees Minimal Weekly Growth

The United States observed a slight increase in its oil rig count, with the number rising by one to 411 in the week ending August 8, as reported by Baker Hughes. This minor weekly gain contrasts sharply with an annual decline of 74 rigs, highlighting a significant reduction in oil exploration activities over the past year.

Gas Rig Count and Total Rig Numbers Decline

During the same period, the US gas rig count experienced a decrease, dropping by one to 123. However, compared to the previous year, there was a notable increase of 26 gas rigs. The total number of rigs in the US now stands at 539, marking a weekly decrease of one and a substantial annual drop of 49.

Canada's Rig Count Shows Mixed Trends

In contrast, Canada's overall rig count saw a weekly increase of three, reaching 180. The oil rig count in Canada fell by two to 122, while the gas rig count rose by four to 57. Annually, Canada's oil rig count was down by 37 from the same period in 2024, indicating a downward trend in oil exploration activities.