U.S. oil drillers this week cut the most rigs in over three months and reduced the number of oil rigs operating for a second week in a row and for the fifth straight month, as independent producers follow through on plans to cut spending on new drilling and completions.
Source: www.reuters.com
As per energy services firm, Baker Hughes, in the week to April 26, U.S. energy companies cut 20 oil rigs, bringing down the rig count to 805, below year-ago levels when 825 rigs were active. The cut is the steepest in over three months and reduced the number of oil rigs operating for a second week in a row and for the fifth straight month. These results are subsequent to independent producers follow through on plans to cut spending on new drilling and completions.
