U.S. energy firms this week reduced the number of oil rigs operating for the third time in four weeks even as crude production forecasts increase despite some drillers cutting spending.
Source: www.reuters.com
In the week to May 10, U.S. energy companies cut two oil rigs, bringing the total count down to 805, as per the weekly report on Friday from energy services firm Baker Hughes. The cut is the third in four weeks even as crude production forecasts increase despite some drillers cutting spending. This week, the Energy Information Administration raised its forecast for U.S. crude output, projecting it would reach a record 12.5 million barrels per day in 2019 and 13.4 million bpd in 2020, up from the current all-time high of 11.0 million bpd.
