Baker Hughes released its weekly survey of US oil and gas drilling activity, showing the total rig count holding steady at 588.

The breakdown of the weekly data is as follows:

• Oil-directed rigs: +3 to 454
• Natural gas-directed rigs: −3 to 124

The net change left the overall count flat compared with the prior week. Baker Hughes has published the rotary rig count as a weekly industry benchmark since 1944, tracking active drilling rigs across the United States and internationally. The survey is widely followed as a leading indicator of upstream spending and, with a lag, of future oil and gas supply, though the relationship between active rigs and actual output has shifted over time as operators have extracted more from each well through longer laterals and improved completion techniques.

The figures come against a backdrop of restrained growth in US oil output. Since President Donald Trump took office, domestic producers have added relatively little new production, a trend that some market observers attribute to a growing emphasis on capital discipline among shale operators who have prioritized shareholder returns over aggressive drilling programs. The modest weekly moves — three rigs added on the oil side, three removed on the gas side — are consistent with that broader pattern of cautious fleet deployment.

Geopolitical uncertainty has also been a factor influencing drilling decisions. Crude prices have shown sensitivity to developments in Middle East diplomacy, with sell-offs occurring each time signs of de-escalation have emerged. Price volatility directly affects producers' willingness to commit capital to new wells, as drilling economics depend heavily on forward crude curves.

The full weekly rig count report is available on the Baker Hughes website.