U.S. energy firms this week reduced the number of oil rigs operating for a fourth week in a row with drilling slowing to its lowest in nearly a year, prompting the government to cut crude output growth forecasts.
Source: www.reuters.com
Friday’s U.S. oil rig count report released by energy services firm Baker Hughes showed that U.S. energy firms cut oil rigs for a fourth week in a row with drilling slowing to its lowest in nearly a year. For the week to March 15, drillers cut one oil rig, bringing the total count down to 833, the lowest since April 2018. The fourth consecutive weekly decline is the first since May 2016 when it fell for eight consecutive weeks. Drilling has slowed over the past three months as independent exploration and production companies cut spending as they focus on earnings growth instead of increased output with crude prices projected to decline this year versus 2018.
