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US oil drillers cut rigs for second week in a row - Baker Hughes

Gasoil News - Published on Tue, 15 Jan 2019

Image Source: Rigzone
Reuters reported that US energy firms cut oil rigs for a second week in a row as more producers, like Occidental Petroleum Corp, turned conservative in their 2019 drilling plans due to uncertainty over a recovery in crude prices. Drillers cut four oil rigs in the week to Jan. 11, bringing the total count down to 873.

The US rig count, an early indicator of future output, is still much higher than a year ago when 752 rigs were active after energy companies boosted spending in 2018 to capture higher prices that year.

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Posted By : Joykumar Irom on Tue, 15 Jan 2019
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