US Oil Rig Count Drops for Second Week in a Row
For the second week in a row, the U.S. dropped oil rigs, according to weekly data compiled by Baker Hughes, a GE Company.
After declining by 10 oil rigs last week, the U.S. dropped another four rigs this week, bringing the total oil rig count to 873.
Gas rigs remained flat this week, with no rigs added or cut.
The Eagle Ford and Utica both added a rig apiece this week while several other basins cut rigs.
The Permian, which accounts for more than half of the nation’s oil rigs, cut three rigs this week, as did the Williston. The Arkoma Woodford, Granite Wash, Haynesville, Marcellus and Mississippian all dropped an oil rig apiece this week.
The overall rig count total for this week is 1,071, higher than one year ago when the count was 930.
Earlier this week, the U.S. Energy Information Administration forecasted that U.S. oil producers would pump an average of 12.06 million barrels of oil per day in 2019.
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