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

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Christian Fernsby |
oil drillers cut rigs
America   Drillers cut one oil rig in the week to June 14

U.S. energy firms reduced the number of oil rigs operating for a second week in a row.

Drillers cut one oil rig in the week to June 14, bringing the total count down to 788, still the lowest since February 2018, General Electric’s Baker Hughes said.

That compares with 863 rigs operating during the same week a year ago.

More than half the total U.S. oil rigs are in the Permian basin in West Texas and eastern New Mexico, where active units decreased by five this week to 441, the lowest since March 2018. The Permian is the biggest U.S. shale oil play.

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