The US oil rig count fell by a further 10 to stand at just 189 on 19 June, the lowest since July 2005 and down almost 500 (72%) on the mid-March level of 683, according to latest weekly figures on active drilling rigs from services firm Baker Hughes. Year-on-year the rig count is down by a record 76%.
Of the latest fall, half (five) were in the Permian, leaving the total for the key Texas/New Mexico shale basin at 132, level with the April 2016 nadir as the low point in data since 2011. Permian drilling has actually been more resilient than elsewhere – all other key basins had already hit record lows last month (MEES, 19 June), with the Permian share of total US oil rigs now at a record 70%. The Eagle Ford fell by a further two to stand at a new record low of 11 on 19 June, whilst the Bakken was down one at a new record low of 10. (CONTINUED - 373 WORDS)