The energy sector is facing headwinds as crude oil prices continue their downward spiral, influenced by factors such as U.S. President Donald Trump’s tariff threats on China, a ceasefire in Gaza, and forecasts of global oversupply. As of October 11, 2025, West Texas Intermediate (WTI) crude oil is trading at $58.90 per barrel, marking a 4.24% decline from the previous day and a 22% drop over the past year.
Brent crude, the international benchmark, stands at $62.73 per barrel, down 3.82% daily and 20.64% annually.
Analysts from institutions like the U.S. Energy Information Administration (EIA) and J.P. Morgan predict further declines, with Brent potentially averaging $62 per barrel in Q4 2025 and dropping to $52 in the first half of 2026 due to supply growth outpacing demand.
This price free fall is prompting drillers to scale back operations, as evidenced by the latest Baker Hughes rig count data for the week ending October 10, 2025. The U.S. rig count fell for the first time in six weeks, signaling caution amid volatile markets and economic uncertainties.
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Below, we break down the U.S. rig counts by type (oil and gas) and by major basins, followed by a review of oil rigs by country based on the most recent available data.
U.S. Rig Count Breakdown by Type
The total active rig count in the United States dropped by 2 to 547 for the week ending October 10, 2025. This represents a 7% decline (39 rigs) compared to the same week in 2024.
The breakdown by rig type is as follows:
|
Rig Type
|
Current Count
|
Change from Previous Week
|
Change from Year Ago
|
|---|---|---|---|
|
Oil Rigs
|
418
|
-4
|
N/A
|
|
Gas Rigs
|
120
|
+2
|
N/A
|
|
Miscellaneous
|
9
|
0
|
N/A
|
|
Total
|
547
|
-2
|
-39
|
Oil rigs saw the sharpest decline, reflecting the immediate impact of falling prices on exploration and production activities. Gas rigs, however, edged up, reaching their highest level since August 2025, possibly due to anticipated price recoveries in natural gas markets.
U.S. Rig Count Breakdown by Basin
The rig count varies significantly across major U.S. basins, with some oil-heavy regions showing reductions while gas-focused areas experienced gains. Here’s a summary of the key basins based on the latest weekly data:
|
Basin
|
Current Count
|
Change from Previous Week
|
Notes
|
|---|---|---|---|
|
Permian
|
285
|
-1
|
Lowest since December 2021; oil-dominant.
|
|
Haynesville
|
38
|
+3
|
Highest since September 2024; gas-heavy.
|
|
Eagle Ford
|
44
|
-1
|
Oil and gas mix in South Texas.
|
|
DJ-Niobrara
|
10
|
-1
|
Colorado-focused basin.
|
|
Granite Wash
|
13
|
-1
|
Oklahoma/Texas Panhandle region.
|
|
Cana Woodford
|
19
|
N/A
|
Recent addition noted in early October; Oklahoma basin. okenergytoday.com
|
|
Marcellus
|
23
|
N/A
|
Pennsylvania/West Virginia gas basin (data from Oct 3; assumed stable). oilandgas360.com
|
The Permian Basin, the nation’s largest oil-producing region, continues to dominate with over half of the U.S. total rigs but is showing signs of contraction amid low prices. In contrast, the Haynesville Basin’s increase highlights resilience in natural gas drilling. Other basins like the Williston (Bakken) and Utica were not detailed in the weekly updates but are typically stable, with Williston around 30 rigs based on August data.
Overall, these changes underscore a cautious approach by operators, prioritizing efficiency over expansion as capital expenditures are projected to fall 4% in 2025.
Review of Oil Rigs by Country for the WeekWhile U.S. rig data is reported weekly, international rig counts are updated monthly by Baker Hughes. The latest international data (excluding North America) is for September 2025, showing a total of 1,084 active rigs, up 8 from August 2025 but down 72 from September 2024.
Specific breakdowns for oil rigs by country are not fully detailed in real-time reports, but the international count includes a mix of oil, gas, and miscellaneous rigs across regions.
For the week in focus (aligning with U.S. data), here’s a review of oil rigs for select countries where data is available or inferred from broader reports:
United States: 418 oil rigs (down 4 from the previous week).
Canada: Total rigs stood at 190 (up 3 weekly), with a significant portion dedicated to oil, though exact oil breakdown not specified in weekly updates.
For international markets outside North America, the September 2025 monthly data indicates steady activity in key oil-producing nations, though precise oil rig numbers per country are typically aggregated in regional reports. Major contributors include:
Saudi Arabia: Typically leads with high oil rig activity (historical averages around 50-70 oil rigs, but exact September figure unavailable).
Russia: Strong presence in oil drilling (averages 200+ total rigs, majority oil).
China: Focuses on onshore oil rigs (around 150-200 total).
Global oil rig activity remains under pressure from oversupply concerns, with the EIA forecasting declining prices pressuring international drillers similarly to the U.S.
For the most detailed country-level breakdowns, refer to Baker Hughes’ monthly international reports.
OutlookWith oil prices in free fall and rig counts trending downward, the industry may see further consolidation and reduced spending in 2026. However, if geopolitical tensions ease or demand rebounds, a recovery could materialize.
Stay tuned to Energy News Beat for updates on these dynamic market trends.
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