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US oil drillers cut most rigs since May 2016 - Baker Hughes

Gasoil News - Published on Mon, 10 Dec 2018

Image Source: Investing.com
Reuters reported that US drillers this week cut oil rigs by the most in over two year even as record production has turned the United States into a net oil exporter for the first time in history. Drillers cut 10 oil rigs in the week to December 7, the biggest weekly decline since May 2016, bringing the total count down to 877. The US rig count, an early indicator of future output, is higher than a year ago when 751 rigs were active because energy companies have spent more this year to ramp up production to capture higher prices.

Year-to-date, the total number of oil and gas rigs active in the United States has averaged 1,029. That keeps the total count for 2018 on track to be the highest since 2014, which averaged 1,862 rigs. Most rigs produce both oil and gas.

The United States last week exported more crude and refined products than it imported for the first time on record, even as the Organization of the Petroleum Exporting Countries and its allies agreed to fresh output cuts to support prices amid a global glut of oil.

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Posted By : Joykumar Irom on Mon, 10 Dec 2018
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