U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in three weeks, energy services firm Baker Hughes said in its closely followed report on Friday.
The oil and gas rig count, an early indicator of future output, fell by one to 592 in the week to March 28.
Baker Hughes said this week’s decline puts the total rig count down 29 rigs, or 5% below this time last year.
Baker Hughes said oil rigs fell by two to 484 this week, while gas rigs rose by one to 103.
In the Permian basin in West Texas and eastern New Mexico, the nation’s biggest oil-producing shale basin, the rig count declined by three rigs, cutting the total count down to 297, the lowest since February 2022.
(Reporting by Scott DiSavino Editing by Marguerita Choy)