U.S. oil drillers cut rigs for fourth week in a row
Drillers cut three oil rigs in the week to July 26, bringing the total count down to 776, the lowest since February 2018, General Electric’s Baker Hughes said.
That compares with 861 rigs operating during the same week a year ago.
For the month, the rig count dropped by 17, its biggest decline since March. That put the count down for an eighth month in a row, its longest losing streak since May 2016 when the number of active rigs fell for a record nine consecutive months, according to Baker Hughes data going back to 1987.
The rig count, an early indicator of future output, has declined over the past eight months as independent exploration and production companies cut spending on new drilling as they focus more on earnings growth instead of increased output. ■