U.S. oil drillers cut rigs for fifth week in a row
Drillers cut nine oil rigs in the week to March 22, bringing the total count down to 824, the lowest since April 2018, General Electric’s Baker Hughes said.
More than half the total U.S. oil rigs are in the Permian basin, the nation’s biggest shale oil field, where active units fell by six this week to 459, the lowest since May 2018.
The U.S. rig count, an early indicator of future output, is still a bit higher than a year ago when 804 rigs were active after energy companies boosted spending in 2018 to capture higher prices that year. ■