US Drillers Add Oil Rigs in Permian Basin for Biggest Weekly Increase Since January

More than half of U.S. oil rigs are in the Permian Basin in West Texas and eastern New Mexico where total units this week jumped by nine to 332, the most since April 2020.

Scott DiSavino, Reuters

U.S. energy firms last week added oil and natural gas rigs for a third week in a row as the federal government seeks more production to help its allies wean themselves off Russian oil and gas after Moscow invaded Ukraine on Feb. 24.

The Kremlin calls its actions in Ukraine a “special military operation.”

The oil and gas rig count, an early indicator of future output, rose 16 to 689 in the week to April 8, its highest since March 2020, energy services firm Baker Hughes Co. said in its closely followed report.

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