US Oil Drillers Cut Most Rigs Since May 2016

U.S. drillers this week cut oil rigs by the most in over two years even as record production has turned the United States into a net oil exporter for the first time in history.

Energy companies cut 10 oil rigs in the week to Dec. 7, the biggest weekly decline since May 2016, bringing the total count down to 877, Baker Hughes, a GE company (NYSE: BHGE) said in its weekly report.

More than half the total U.S. oil rigs are in the Permian Basin, the country’s biggest shale oil formation. Active units there declined by four this week to their lowest since early November.