Number of U.S. oil rigs continues to decline
Drillers removed four oil rigs in the week ended Septembe 25, bringing the total rig count down to 640, the lowest since July, after cutting a total of 31 rigs over the three prior weeks, oil services company Baker Hughes Inc said in its closely followed report.
That compared with 1,592 oil rigs in the same week a year ago and an all-time high of 1,609 in October 2014.
Combined with the reduction in natural gas rigs, total U.S. rigs were at a 12-year low. Natural gas rigs were down one this week to 197, up just one from its lowest level since at least 1987, according to the Baker Hughes data.
The reductions over the past few weeks have cut into the 47 oil rigs that energy firms added in July and August after some drillers followed through on plans to add rigs announced in May and June when U.S. crude futures averaged $60 a barrel. ■