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U.S. oil drillers cut rigs for fourth week in a row

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Christian Fernsby ▼ | September 13, 2019
U.S. energy firms this week reduced the number of oil rigs operating for a fourth week in a row.
oil drillers
America   Drillers cut five oil rigs in the week
Drillers cut five oil rigs in the week to Sept. 13, bringing the total count down to 733, the lowest since November 2017, General Electric’s Baker Hughes said.

Topics: U.S. oil drillers rigs

In the same week a year ago, there were 867 active rigs.

More than half the total U.S. oil rigs were in the Permian basin in West Texas and eastern New Mexico, where active units fell by eight this week to 419, their lowest since January 2018. The Permian is the biggest U.S. shale oil play.

That was the largest weekly reduction in rigs in the Permian since February 2016 when drillers also cut eight rigs.