U.S. energy firms this week cut the number of oil rigs operating for the first time in three weeks week after U.S. crude production hit an all-time high, boosting exports to a record high and stockpiles to their highest in over a year.
Source: www.reuters.com
According to energy services firm, Baker Huges, for the week to Feb. 22, U.S. oil companies cut four oil rigs. This brings the total rig count down to 853. For the month of February, the rig count fell by nine, after declining by two in December and 23 in January. This was the first time drillers cut rigs for three months in a row since October 2017. However, the U.S. rig count is still higher than a year ago when 799 rigs were active after energy companies boosted spending to capture higher prices.
