U.S. oil drillers cut rigs for second week in a row
Drillers cut four oil rigs in the week to June 29, bringing the total count down to 858, General Electric’s Baker Hughes said.
That was the first time drillers cut rigs for two weeks in a row since October 2017.
For the month, the rig count decreased by one, its first decline since March. For the quarter, however, the count rose by 61, its biggest gain since the second quarter in 2017, after some big increases in April and May.
The U.S. rig count, an early indicator of future output, is much higher than a year ago when 756 rigs were active as energy companies have been ramping up production in tandem with OPEC’s efforts over the past year-and-a-half to cut global output. ■