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U.S. oil drillers cut rigs for first week in four

Staff Writer |
The U.S. oil drilling rig count declined this week for the first time in four weeks, although the rig count held close to its highest in over three years as production surges to record highs and some companies forecast even higher output this year.

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Drillers cut one oil rig in the week to Nov. 2, bringing the total count down to 874, General Electric’s Baker Hughes said.

The U.S. rig count, an early indicator of future output, is higher than a year ago when 729 rigs were active because energy companies have ramped up production to capture prices that are higher in 2018 than 2017.

More than half the total U.S. oil rigs are in the Permian Basin, the country’s biggest shale oil formation. Active units there decreased by two this week to 487 this week. ■

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