US Energy Producers Cut Off Oil Rigs as Focus Shifts to Increasing Earnings
Arslan Butt • 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.