Baker Hughes released data indicating that the total number of operating oil and gas rigs in the United States decreased by one to 562 in the week ending June 12, 2026, which remains 1.3% higher than the same week a year earlier.
Oil rigs increased by two units to reach 433, marking the highest oil‑rig count since June 2025, while gas rigs declined by three to 121, the lowest level since October 2025.
The combined oil and gas rig count has fallen 7% in 2025, 5% in 2024 and 20% in 2023, a trend attributed to lower oil prices that led energy companies to prioritize shareholder returns and debt reduction over expanding production.
The U.S. Energy Information Administration projects that crude oil output will rise to 13.7 million barrels per day in 2026, up from a record 13.6 million barrels per day in 2025, and anticipates that West Texas Intermediate (WTI) prices will increase in 2026 due to supply disruptions stemming from the Iran war.