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U.S. oil rig count falls to lowest since May 2018

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Staff Writer | March 1, 2019
oil rig count
America   Drillers cut 10 oil rigs in the week to March 1

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.

Drillers cut 10 oil rigs in the week to March 1, bringing the total count down to 843, the lowest since May 2018, General Electric’s Baker Hughes said.

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.

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