US Drillers Add Oil and Gas Rigs for Fifth Straight Week
US energy firms have been increasing their oil and gas rigs for five consecutive weeks, according to Baker Hughes' latest report. This is a significant development, as it marks the first time since February 2025 that drillers have added rigs in each week.
The total oil and gas rig count rose by seven to 558 in the week ending May 22, reaching its highest level since June 2025. The increase was driven by a 10-rig build in oil rigs, which has not been seen since February 2023. This boost in oil rigs is particularly notable, as it comes after a decline of 7% in 2025.
In Texas, the largest oil and gas producing state, the rig count rose by 10 to 255, its highest level since July 2025. The EIA has projected that US crude output will rise from a record 13.6 million barrels per day (bpd) in 2025 to 13.7 million bpd in 2026, driven by expected higher prices.