U.S. oil rig count rises for 17th straight weekStaff Writer |
Oil exploration The longest stretch of rig additions
The U.S. oil-rig count rose this week by nine to 712, according to the oilfields-services giant Baker Hughes.
The increase extended the longest stretch of rig additions in six years, illustrating that drillers are finding efficient ways to ramp up production in a lower oil-price environment.
OPEC and other key producers will meet on May 25 to decide whether to extend their agreement to cut production by almost 1.8 million barrels per day. ■
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