US Energy Producers Cut Off Oil Rigs as Focus Shifts to Increasing Earnings
In the week of May 10, oil rig count in the US has come down by two to 805,
Arslan Butt•Monday, May 13, 2019•1 min read
In the past three out of four weeks, rising crude oil production in the US has caused energy companies to reduce oil rig count. In the week of May 10, oil rig count in the US has come down by two to 805, according to reports by Baker Hughes.
Oil rig counts have been declining in the US over the past five months as oil producers reduce their spends on new drilling efforts and turn their focus from increasing oil output towards growing their earnings.
According to the latest EIA report forecast, US crude production could touch 12.5 million bpd in 2019 and even go up to 13.4 million bpd next year.
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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