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U.S. oil rig count holds steady this week

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Staff Writer | August 17, 2018
oil drilling rig
Oil exploration   The rig count held at 869

U.S. energy companies kept the oil rig count unchanged this week amid a steady decline in crude prices, which hit a near two-month low earlier this week.

The rig count, an early indicator of future output, held at 869 in the week to Aug. 17, General Electric’s Baker Hughes said.

The U.S. rig count, an early indicator of future output, is much higher than a year ago when 763 rigs were active as energy companies have been ramping up production in tandem with OPEC’s efforts since the start of 2017 to cut global output.


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