US Oil Drillers Cut Rigs 

US Oil Drillers Cut Rigs 

US energy firms this week cut the number of oil rigs for an 11th week in the last 12, data showed on Friday, a sign drillers were still waiting for higher prices before returning to the well pad en masse. Drillers removed 10 oil rigs in the week ended Nov. 20, the biggest weekly decline since late October, bringing the total rig count down to 564, oil services company Baker Hughes Inc said in its closely followed report, Reuters reported. That is about a third of the 1,574 oil rigs operating in same week a year ago. After cutting 103 oil rigs over the past two months, drillers added two rigs last week. Drillers cut rigs in two of the four major US shale oil basins this week. They removed five in the Permian in West Texas and eastern New Mexico and one in the Niobrara in Colorado and Wyoming, while adding one in the Eagle Ford in South Texas. The number of rigs in the Bakken in North Dakota and Montana remained the same.


Short URL : https://goo.gl/Wb8UJr
  1. https://goo.gl/5tqUkJ
  • https://goo.gl/6fCgsL
  • https://goo.gl/dkOtt3
  • https://goo.gl/8QPnVd
  • https://goo.gl/5S8NLy

You can also read ...

The agreement went through after years of on-off negotiations with the French group.
A technology licensing agreement with French company Air...
No licenses have been issued for state and semi-governmental companies to build power plants in the last four years.
The Energy Ministry has privatized over 50% of power plants in...
OPEC to Struggle With Oversupply for Years
When OPEC and Russia first embarked on clearing a global oil...
NISOC Targeting 20% Rise in Recovery Rate
National Iranian South Oil Company aims to increase the...
Iraq Sets Up Oil Shipping, Trading Joint Venture
OPEC member Iraq has formed a joint venture with a shipping...
Brent, WTI Make Gains
Oil prices edged up on Wednesday, lifted by declining US crude...
China Energy Demand to Peak in 2040
China's energy demand will peak by 2040, a decade later than...