1326 ET - The number of rigs drilling for oil in the U.S. fell by seven this week to 415, down 67 from a year ago and the fewest in almost four years, according to oil services company Baker Hughes. "The U.S. oil-directed rig count has yet to stabilize, as the sharp decline following the OPEC+ pivot earlier this year continues, but the effect on production will likely not show up until Q4 25," Amarpreet Singh of Barclays says in a note. But while there is a lag between the onset of drilling and first production, "the EIA's weekly estimates suggest production in the U.S. could be rolling over already," he adds. Natural gas rigs, meanwhile, rose by five this week to 122, or 21 more than a year ago, Baker Hughes reports. (anthony.harrup@wsj.com)

(END) Dow Jones Newswires

July 25, 2025 13:26 ET (17:26 GMT)

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