The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Shale explorers parked more drilling rigs in the US this week as stagnant oil prices push the industry to extend a historic retrenchment.
The number of active oil rigs in US fields fell by 4 to 172, according to Baker Hughes data. That’s the lowest level of activity since 2005, before the shale boom kicked off.
The worst may still lie ahead, with the number of drilling permits last month dropping to the lowest since September 2010, according to industry consultant Rystad Energy. US oil production will likely end the year about 20% lower than at the start, according to IHS Markit. West Texas Intermediate oil, the US benchmark, has hovered around $40 a barrel for most of the past month.