U.S. oil rig count falls to lowest since May 2018Staff Writer | March 1, 2019
U.S. energy firms this week cut the number of oil rigs operating to the lowest in almost nine months as some producers follow through on plans to cut spending.
America Drillers cut 10 oil rigs in the week to March 1
More than half the total U.S. oil rigs are in the Permian basin, where active units fell by seven this week to 466, also the lowest since May 2018.
The U.S. rig count, an early indicator of future output, fell for a second week in a row but is still slightly higher than a year ago when 800 rigs were active after energy companies boosted spending in 2018 to capture higher prices that year. ■