The U.S. Baker Hughes rig count for the week ending August 8, 2025, showed a slight decrease overall to 539 rigs, down from 540 the previous week. This decline was due to a drop in rotary gas rigs to 123 from 124, while rotary oil rigs increased by one to 411. Despite the small rise in oil rigs, OPEC has revised its forecast for U.S. tight oil production, now expecting a decline of 100,000 barrels per day next year, a downgrade from its prior projection of stable output year-on-year. Meanwhile, OPEC+ crude oil output averaged 41.94 million barrels per day in July, up 335,000 barrels per day from June, following an OPEC+ production increase.