US and Canadian rig counts decline yet again week-on-week

US and Canadian rig counts decline yet again week-on-week

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Baker Hughes has reported that for the week ending May 29, the US rotary rig count decreased by 17 to 301 rigs following a 21-rig decrease the week before. The number of rigs drilling for gas decreased by two to 77, while the number of rigs drilling for oil decreased by 14 to 222. The overall rig count is now down by 683 rigs in a year-on-year comparison.

Meanwhile, the Canadian rig count decreased by one to 20 rigs in the week ending May 29, following a two-rig decrease the week before. The Canadian rig count is now down by 65 rigs compared to the same week a year ago.

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