US Oil Rig Count Falls By 21

U.S. energy firms cut 21 oil rigs this week, the biggest decline since February 2016, even as the United States is expected to reinforce its leadership as the world’s number one crude producer this year.

Drillers cut 21 oil rigs in the week to Jan. 18, bringing the total count down to 852, the lowest since May 2018, Baker Hughes, a GE company, said in its closely followed report.

Active rigs in the Permian Basin, the country’s biggest shale oil formation, in Texas and New Mexico, dropped by seven this week to 481, the lowest since August.

The rest of the decline occurred in smaller oil producing regions scattered across the country.