Baker Hughes reports that US energy companies have increased the number of rigs to their highest level since April 2025.

Energy services firm Baker Hughes reported on Friday that U.S. firms added rigs this week for a fifth consecutive week for the first since early June. The 'total count' now stands at its highest level since April 2025. The total rig counts, which are an early indicator of the future production, increased by seven in the week ending July 17. Baker Hughes reported that the total rig counts are up by?44 or 8% from this time last week. Baker Hughes reported that oil rigs increased by seven this week to 452, the highest level since May 2025. Gas rigs remained at 126, and other miscellaneous drilling rigs stayed at?10. Oil and gas rig counts declined by 7%, 5%, and 20% between 2025 and 2023, as energy firms focused more on increasing shareholder returns and paying off debt than increasing production. The U.S. Energy Information Administration (EIA), however, has projected that crude production will increase from a record of 13.6 million barrels a day (bpd), in 2025, to 13.8 millions bpd, in 2026, due to disruptions in supply from the 'Iran War. The EIA projects that the gas output will increase from a record of 107.7 billion cu ft per day in '2025 to 111.3 in 2026, as demand increases for electricity to power data centers or for export in the form of liquefied gas (LNG). (Reporting and editing by Daniel Wallis; Scott DiSavino)

(source: Reuters)