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[size=36]US oil rigs fall for sixth straight week[/size]
Economy | 09:02 - 09/08/2019
BAGHDAD scales News
cut US energy companies this week , the number of active for the sixth consecutive week , oil rigs with the independent producers to cut spending on new drilling operations.
Baker Hughes Energy Services said today in its closely watched weekly report that oil drilling companies stopped operating six oil rigs in the week ending Aug. 9, bringing the total number of active rigs to 764, the lowest level since February 2018
. Last year, the number of active oil rigs in the United States was 869.
It was the longest weekly decline since March, when the number of oil rigs operating dropped for six consecutive weeks as well.
The number of oil rigs, a preliminary indicator of future production, has fallen over the past eight months as independent exploration and production companies cut spending on new drilling while focusing more on profit growth rather than increased production.
cut US energy companies this week , the number of active for the sixth consecutive week , oil rigs with the independent producers to cut spending on new drilling operations.
Baker Hughes Energy Services said today in its closely watched weekly report that oil drilling companies stopped operating six oil rigs in the week ending Aug. 9, bringing the total number of active rigs to 764, the lowest level since February 2018
. Last year, the number of active oil rigs in the United States was 869.
It was the longest weekly decline since March, when the number of oil rigs operating dropped for six consecutive weeks as well.
The number of oil rigs, a preliminary indicator of future production, has fallen over the past eight months as independent exploration and production companies cut spending on new drilling while focusing more on profit growth rather than increased production.
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