US drillers cut oil and gas rigs for second time in three weeks, says Baker Hughes
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U.S. energy firms reduced oil and gas rigs for the second time in three weeks, according to Baker Hughes. The rig count fell to 548, the lowest since November 26, down 41 rigs from last year. Oil rigs increased to 414, while gas rigs decreased to 127. Despite declining crude prices, EIA projects crude output to rise to 13.6 million bpd in 2025. Gas output is expected to increase to 107.7 bcfd in 2025, driven by a projected 63% rise in spot gas prices.
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