U.S. energy firms cut oil rigs number

Christian Fernsby ▼ | November 22, 2019

U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row and the rig count has dropped 24% year-on-year as producers cut spending on new drilling.

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Topics: OIL RIG

Drillers cut three oil rigs in the week to Nov. 22, bringing the total count down to 671, the lowest since April 2017, Baker Hughes said.

In the same week a year ago, there were 885 active rigs. ■

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U.S. energy firms cut oil rigs number

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