U.S. energy firms last week added oil and natural gas rigs for a record 21 months in a row as high prices and prodding by the federal government prompted some drillers to return to the wellpad.
The oil and gas rig count, an early indicator of future output, rose three to 698 the week to April 29, its highest since March 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. , ,Register now for FREE unlimited access to Reuters.comU.S. oil rigs rose three to 552 this week, their highest since April 2020, and were up 21 in April, its 20th consecutive monthly increase. The last record was for 20 straight months in January 2011.
Since Moscow invaded Ukraine on Feb. 24, the U.S. government has asked drillers to produce more oil and gas to reduce domestic prices and help allies break their dependence on Russia energy.
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