Oil Rig Count in US Plunges to Lowest in Almost Four Years

The number of rigs drilling for crude in the US plummeted to the lowest in about four years as shale explorers anticipate weakening global oil demand.

Rigs targeting crude declined by 9 to 442 this week, the lowest count since October 2021, according to data released by Baker Hughes Co. on Friday. Oil producers have been idling rigs for the past six consecutive weeks.

Shale operators are dialing back activity as a drop in crude prices to the low $60 range threatens the profitability of new drilling. Plans from OPEC+ to increase output coupled with President Donald Trump’s global ...