US Oil and Gas Rig Count Hits Highest Level Since March 2025
U.S. energy firms increased the number of oil and gas rigs for the second time in three weeks, according to Baker Hughes' latest report. The total rig count rose by five to 593 in the week ending August 14, marking the highest level since March 2025. This brings the total count up by 54 rigs, or 10%, compared to the same period last year.
The report also revealed that oil rigs rose by one to 455, the highest since May 2025, while gas rigs increased by four to 128, the highest since May 2026. Miscellaneous rigs remained unchanged at 10. The rig count had previously declined by 7% in 2025, 5% in 2024, and 20% in 2023 due to lower U.S. oil prices, which prompted firms to prioritize shareholder returns and debt reduction over output increases.
Looking ahead, the U.S. Energy Information Administration (EIA) projected that crude output will rise from a record 13.6 million barrels per day in 2025 to 13.8 million bpd in 2026, driven by expected price increases due to supply disruptions from the Iran war. On the gas side, EIA projected output will jump from a record 107.6 billion cubic feet per day in 2025 to 111.2 bcfd in 2026, as demand for electricity and liquefied natural gas exports rises.