Overview
The Reuters article dated 24‑07‑2026 reports that U.S. energy firms reduced their active drilling rigs for the first time in six weeks, according to data from Baker Hughes.
Rig Count Details
- The combined oil and gas rig count fell by one unit to 587 rigs in the week ending July 24, the lowest level since mid‑July.
- This total remains 45 rigs, or 8%, higher than the same period a year earlier.
- Oil rigs decreased by two, reaching 450 rigs, also the lowest since mid‑July.
- Gas rigs increased by one to 127 rigs, the highest level since mid‑May.
- Miscellaneous rigs stayed unchanged at 10 rigs.
Year‑over‑Year Trends
- The oil and gas rig count declined 7% in 2025, 5% in 2024, and 20% in 2023.
- Lower U.S. oil prices during those years prompted energy companies to focus on shareholder returns and debt reduction rather than expanding production.
Forward Outlook
- U.S. West Texas Intermediate (WTI) crude prices are projected to rise in 2026 due to supply disruptions linked to the U.S.–Israeli conflict with Iran, following price declines in 2023‑2025.
- The U.S. Energy Information Administration (EIA) forecasts crude output to increase from a record 13.6 million barrels per day in 2025 to 13.8 million barrels per day in 2026.
Publication Note
The article was generated with AI assistance and reviewed by an editor, with standard Reuters terms and conditions applying.