Baker Hughes reports that US energy companies have not changed their rig count for the second week in a row.
Baker Hughes, a leading energy services company, said in a closely watched report released on Friday that U.S. firms have kept the 'overall rig counts' unchanged for a second consecutive week.
The total oil and gas rig counts, an early indicator for future production, held steady at 588 during the week ending September 4.
Baker Hughes reported that oil rigs increased by 2?to 449, gas rigs decreased by 2?to?130 and other miscellaneous drilling rigs were unchanged at 9.
Oil and?gas production declined by 20% in 2023, as energy firms focused more on increasing shareholder returns, paying off debt and decreasing costs than increasing output.
The U.S. Energy Information Administration has projected that crude production will increase from a record 13.6 million barrels per day in 2025 to a new 13.8 million barrels per days in 2026. This is due to the disruptions in supply caused by the war in Iran.
EIA's projected output on the?gas front will?jump to a record 111.2 billion cubic feet per year (bcfd), from a record of 107.6 bcfd, in 2026. This is due to the increase in demand for fuel to power data centers that are energy-hungry and to export LNG.
(source: Reuters)
