U.S. drillers cut most oil rigs in a week since 2015Christian Fernsby ▼ | April 3, 2020
U.S. energy companies reduced the number of active oil rigs for a third week in a row in their biggest weekly cut in five years.
Oil Oil rigs
Topics: U.S. oil
The oil rig count, an early indicator of future output, is down 32% from the same week a year ago when 831 oil rigs were active.
More than half the total U.S. oil rigs are in the Permian basin in West Texas and eastern New Mexico, where active units dropped by 31 this week to 351, the lowest since May 2017.
That was the biggest weekly decline since February 2015. ■