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North American oil and gas rig count falls to record low

Christian Fernsby ▼ | May 29, 2020
U.S. and Canadian energy firms cut the number of oil and natural gas rigs operating to a record low.
Oil rig
Early indicator   Oil rig
The U.S. oil and gas rig count, an early indicator of future output, fell by 17 to an all-time low of 301 in the week to May 29, according to Baker Hughes.

Topics: Oil

That was 683 rigs, or 69%, below this time last year and was the fourth week in a row the U.S. count fell to a fresh record low.

For the month, the U.S. rigs dropped by 164, its third monthly decline in a row.

The Canadian rig count fell by one to an all-time low of 20 this week, according to Baker Hughes.