1325 ET - U.S. operators added one oil rig this week to 481 after dropping nine the previous week, oil services company Baker Hughes reports. Oil rigs are down by 30 from a year ago. Despite lower rig counts, the U.S. remains on track for record oil production this year, led by fracking. "Light tight oil will still be the primary driver of U.S. crude supply growth in 2025 and 2026--and while growing, it is slowing," the IEA said in its monthly report. Lower oil prices and factors including geology, technology and markets will temper growth, the IEA said. "For 2025 and 2026, we assume that the ability of efficiency gains to outpace activity reductions will taper off, resulting in headwinds to growth." Natural gas rigs rose by one this week to 98, down eight from a year ago. (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
April 17, 2025 13:25 ET (17:25 GMT)
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