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U.S. oil drillers cut rigs for second week in three

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Staff Writer | August 3, 2018
Oil rig count
Oil exploration   More than half the total oil rigs are in the Permian basin

U.S. energy companies this week cut oil rigs for a second time in the past three weeks as the rate of growth has slowed over the past couple of months with recent declines in crude prices.

Drillers cut two oil rigs in the week to Aug. 3, bringing the total count down to 859, General Electric’s Baker Hughes said.

More than half the total oil rigs are in the Permian basin in west Texas and eastern New Mexico, the nation’s biggest shale oil field. Active units there held steady at 479 for a second week in a row, the same as in early June and the highest since January 2015.


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