Oil rigs in the United States saw their steepest cuts since February 2015 as crude prices more than halved since the start of the year despite fresh global efforts by producers to cut output to counter a glut triggered by demand destruction from the coronavirus pandemic.
FILE PHOTO: A pump jack operates in front of a drilling rig at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford
More than half of the total U.S. oil rigs are in the Permian basin in West Texas and eastern New Mexico, where active units dropped by 33 this week to 283, the lowest since January 2017. In Canada, meanwhile, the total oil and gas rig count fell to 30, the lowest since at least 2000, according to Baker Hughes data going back that far. The prior all-time low was 29 rigs during the week ended April 24, 1992.
Also, weak Chinese economic figures and rapidly filling U.S. crude storage offset bullishness built on U.S. President Donald Trump’s outlines for the U.S. economy to emerge from the coronavirus shutdown.
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