U.S. energy firms reduced the number of operating oil rigs for the first time in...
- U.S. energy firms reduced the number of operating oil rigs for the first time in three weeks as producers follow through on plans to slash spending on new drilling.
Drillers cut 8 oil rigs in the week to Dec. 27, bringing the total count down to 677, the lowest since the week to Nov. 15, energy services firm Baker Hughes Co said in its closely followed report on Friday.That put the oil rig count down 208 for the year, its first annual decline since 2016. That reduction, however, is much smaller than the record 963 rigs cut in 2015, according to Baker Hughes data going back to 1987.
Even though the number of rigs drilling new wells has fallen this year, U.S. oil output has continued to increase. In part this is because the productivity of remaining rigs - the amount of oil new wells produce per rig - has increased to record levels in most big shale basins.The U.S. Energy Information Administration projected crude output would rise to 12.3 million barrels per day in 2019 and 13.2 million bpd in 2020 from a record 11.0 million bpd in 2018.
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