The Number of Drilling Rigs in the US Fell by 13% Compared to Last Year
The number of operating oil drilling rigs, a key indicator of future production, fell again in the US to 478, the lowest since 2021.
The number of drilling rigs in the US has been steadily falling: in 2023, the decline was 20%, and in 2024, the decline continued.
The reason for the fall in the number of drilling rigs was the decline in oil prices, the rise in the cost of equipment and wages, as well as payments to shareholders instead of investing in increasing production.
As for gas drilling, the number of drilling rigs is also declining. Here, the reason is the fall in domestic gas prices in the US.
And while US oil futures rose by about 16% in 2024, gas futures fell by 7% this year and by 44% last year.
