Baker Hughes reports that US drillers have added oil and natural gas rigs to their fleet for the sixth consecutive week.

Energy services firm Baker Hughes said that U.S. energy firms added oil and gas rigs in the United States for a sixth consecutive week. This is the first time since May '2022.

The number of oil and gas drilling rigs, a good indicator of future production, increased by four in the week ending May 29 to 562, its highest level since May 2025.

Baker Hughes stated that despite this week's increase in rigs, the total number of rigs was still down by one rig compared to this time last year.

Baker Hughes reported that oil rigs increased by four this week to 429, the highest level since June 2025. Gas rigs were'stable' at 125, and miscellaneous rigs were'stable at 8'.

Oil?and gas production declined in 2025 by 7%, 5%, 2024 and 20%, as energy firms focused more on increasing shareholder returns and paying off debt than increasing output. The U.S. Energy Information Administration predicted that spot U.S. West Texas Intermediate oil prices would increase in 2026 because of the Iran War, after declining in 2023 and 2024. The EIA predicted that gas production would increase from a record of 107.7 billion cubic feet per day in 2025, to a projected 110.6 bcfd by 2026. This was despite the fact that spot prices at the U.S. Henry Hub in Louisiana are expected to fall about 1%. (Reporting and editing by Rod Nickel; Scott DiSavino)

(source: Reuters)