US Oil Rigs Cut

US Oil Rigs Cut

US energy firms cut oil rigs for a second week in a row, data showed on Friday, a sign the latest price declines may be causing some drillers to put on hold their recently announced plans to return to the well pad. Drillers removed 10 rigs in the week ended September 11 and 13 rigs in the week ended September 4, bringing the total rig count down to 652, after adding rigs in six of the past eight weeks, oil services company Baker Hughes Inc said in its closely followed report. That was the biggest two-week decline since early May, Reuters reported. Those additions since the start of July showed some drillers had followed through on plans to add rigs announced in May and June when US crude futures averaged $60 a barrel. In response to falling prices, US oil production has declined over the past several weeks with current output down to about 9.1 million barrels per day last week from an average 9.6 million bpd from late May to mid July, the highest since the early 1970s, according to government data.


Short URL : https://goo.gl/Hj1CAL
  1. https://goo.gl/eA0s9B
  • https://goo.gl/tWeiYC
  • https://goo.gl/lrtK7r
  • https://goo.gl/fg02jX
  • https://goo.gl/Kp3teI

You can also read ...

Canada Ships Biggest Oil Consignment to China
A tanker loaded with around 514,000 barrels of oil has set...
Japan to Toe US Line, Stop Iranian Oil Imports
Japanese oil distributors are preparing to stop importing...
Saudis Reap Benefit From US-China Trade War
Saudi Aramco is winning thanks to US President Donald Trump’s...
Oil Prices Set to Drop Over Excess Supply
Crude prices rose on Friday, but were still set for a weekly...
South Pars has 24 standard phases, most of which are fully operational.
The giant South Pars Gas Field in the Persian Gulf is slated...
7 Power Projects Take Off
Energy Minister Reza Ardakanian on Thursday inaugurated seven...
Oman to Finalize Gas Supply Contract by August
Tehran and Muscat are planning to sign a final agreement on...