U.S. energy firms this week reduced the number of oil rigs operating for a fourth week in a row with drilling slowing to its lowest in nearly a year, prompting the government to cut crude output growth forecasts.
Drillers cut nine oil rigs in the week to March 8, bringing the total count down to 834, the lowest since May, Baker Hughes, a GE company, said in its weekly report.
The international rig count for February 2019 was 1,027, up three from the 1,024 counted in January 2019, and up 48 from the 979 counted in February 2018, Baker Hughes, a GE company said March 7.
Drillers cut 10 oil rigs in the week to March 1, bringing the total count down to 843, the lowest since May 2018, Baker Hughes, a GE company, said in its weekly report.
Drillers cut four oil rigs in the week to Feb. 22, bringing the total count down to 853, Baker Hughes, a GE company, said in its weekly report.
Companies added three oil rigs in the week to Feb. 15, bringing the total count to 857, Baker Hughes, a GE company (NYSE: BHGE), said in its weekly report.
U.S. energy firms cut the number of oil rigs operating to their lowest in eight months as some drillers follow through on plans to spend less on new wells this year.
Drillers added 10 oil rigs in the week to Jan. 25, bringing the total count to 862, Baker Hughes, a GE company, said in its closely followed report.
Active rigs in the Permian Basin, the country's biggest shale oil formation, in Texas and New Mexico, dropped by seven this week to 481, the lowest since August.
Drillers cut four oil rigs in the week to Jan. 11, bringing the total count down to 873, Baker Hughes, a GE company, said in its closely followed report.
