The rig count, an early indicator of future output, fell by 35 to a record low of 339 in the week to May 15, according to data from energy services firm Baker Hughes Co.
U.S. drops 20 rigs from last week to current week’s total of 390. Hess, EOG Resources, Oxy USA, Marathon, Devon and Cimarex are among the many that have announced cuts or reductions to their programs.
The oil-rig count in the U.S. has now declined for seven weeks in a row, implying upcoming declines in domestic crude output.
Drillers cut 53 oil rigs in the week to May 1, bringing down the total count to 325, the lowest since June 2016, energy services firm Baker Hughes Co. said in its weekly report.
As of April 19, the number of active rigs in the Permian Basin is down 43% year-over-year, while Appalachian rig activity is down 41%, according to Enverus Rig Analytics.
As of this week, the rig count decline is nearing the decline of 2015. It fell about 10 rigs per day this week and in 2015-2016, it fell about 12-15 per day.