(Bloomberg) – Shale oil producers added a single drill rig this week after 14 consecutive weeks of declines, staving off at least for now a pandemic-level downturn in U.S. activity.
Rigs drilling for oil in the U.S. rose by 1 to 411, according to Baker Hughes Co. data released Friday. Since the start of May, the count had fallen in the longest streak since an 18-week drop in July 2020 and reached the lowest level since September 2021.
The reversal suggests drillers may be close to done releasing rigs after a 14% drop over past three months, Bloomberg Intelligence analyst Scott Levine said Friday. The slight uptick may not be enough to convince the market of a recovery, as oilfield service companies including Halliburton Co. warn of lower drilling and fractionation activity during the second half of 2025.
