Baker Hughes reports that the US oil and gas rig counts have reached their highest level since March 2025.

Baker Hughes, a renowned energy services firm, said that U.S. firms added rigs this week for the second time within three weeks. The oil and gas rig counts, an early indicator for future production, increased by five in the week ending August 14. This is their highest level since March 2025.

Baker Hughes reported that the number of rigs has increased by 54, or 10% over a year ago.

Baker Hughes reported that oil rigs increased by one this week to 455?, the highest level since May 2025. Gas rigs also rose four to 128?, the highest level?since May 2026. Other miscellaneous drilling rigs remained at 10?.

Oil and gas rig counts will decline by 7%, 5%, and 20% between 2025 and 2024 as energy companies focus on increasing shareholder returns and paying off debt, rather than increasing production.

Now with spot 'U.S. West Texas Intermediate (WTI), crude prices are expected to increase in 2026 because of supply disruptions caused by the Iran War.

The?EIA predicted that gas production would jump from a new record of 107.6 billion cubic feet per day in 2025 to a whopping 111.2 bcfd by 2026, as the demand for fuel increases to power data centers and export liquefied gas.

(source: Reuters)