The U.S. oil drilling rig count declined this week for the first time in four weeks, although the rig count held close to its highest in over three years as production surges to record highs and some companies forecast even higher output this year.
Source: www.reuters.com
For the week to Nov. 2, U.S. oil companies cut one oil rig, as per energy services firm, Baker Hughes. This cut is the first in four weeks, bringing the total count down to 874, but higher than a year ago period when 729 rigs were active. Going by the total number of oil and gas rigs active (1,024) so far this year, the total count for 2018 is on track to be the highest since 2014, which averaged 1,862 rigs. Rising crude oil rig count has had a profound impact on oil prices in recent weeks, with WTI falling for the fourth consecutive week to about US$63/bbl.
