U.S. oil rig count down to 332

GMT 09:21 2016 Saturday ,30 April

Arab Today, arab today U.S. oil rig count down to 332

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Houston - XINHUA

The number of oil rigs still operating in the United States fell by 11 to 332 this week, according to data released by Houston-based oil field services Baker Hughes on Friday.

The current oil rig count has plunged nearly 79 percent from its peak of 1,609 in 2014 before oil prices began fluctuating.

The total number of rigs, including natural gas-seeking rigs, stands at 420, the lowest since the company began releasing the data in 1944.

Texas, which lost two rigs this week, is home to 44 percent of the nation's working rigs.

Many companies across the United States have stopped actively drilling new wells, so it is possible for the number of rigs to keep falling in the coming weeks.

Source: XINHUA

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