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Africa News Portal – Agencies |
August 10, 2019
US energy companies this week reduced the number of active oil rigs for the sixth week in a row, as independent producers cut spending on new drilling.
Baker Hughes Energy Services announced Friday that oil rigs had stopped operating six rigs during the week ending Aug. 9, bringing the total number of active rigs to 764, its lowest level since February 2018.
During the same week last year, there were 869 active oil rigs in the United States.
This is the longest weekly decline since March, when the number of oil platforms in operation also fell for six consecutive weeks.
The number of oil rigs, a preliminary indicator of future production, has declined over the last eight months as independent exploration and production companies have reduced their spending on new drilling while focusing more on growth in oil drilling. profits only on the increase of production.
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