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US drillers cut oil and gas rigs for third week in a row – Baker Hughes
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a third week in a row, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by two to 603 in the week to May 10, the lowest since January 2022. Baker Hughes said that puts the total rig count down 128, or 18% below this time last year. Baker Hughes said oil rigs fell three to 496 this week, their lowest since November, while gas rigs rose one to 103. The oil and gas rig count dropped about 20% in 2023 after rising by 33% in 2022 and 67% ... (full story)