U.S. 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.
Source: www.reuters.com
Falling crude prices amid global and U.S. supply glut drove a steep cut in U.S. oil rigs last week, as per data from energy services firm, Baker Hughes. From December 3rd to December 7th, drillers cut a mere 10 oil rigs. This was the biggest weekly decline in over two years, bringing the total count down to 877. However, going by the total number of oil and gas rigs active (1,029) so far this year, the total count for 2018 is on track to be the highest since 2014, which averaged 1,862 rigs. To rein in on the global supply glut, OPEC at its meeting last week agreed to fresh output cuts in order to support oil prices.
