The number of working oil and gas rigs in the US has fallen to 852 as more than 25 were taken out of service recently, the biggest drop since the sector's last slump in 2019 . Their removal marked the end of the 2018 of declining rig activity due to low oil prices that fell from its peak of $ 42 a barrel to $ 42 by the third week in a row , amid a pipeline shortage. May. The declines follow the recent plunge in oil prices from a peak of about $76 a barrel in early October to a low of about $42 at the end of December, before rebounding. Oilfield services giant Schlumberger predicts that shale output will flatten in 2016 due to low oil prices as oil companies curb spending on drilling projects.
The number of working oil and gas rigs in the US has fallen to 852 as more than 25 were taken out of service recently, the biggest drop since the sector's last slump in 2019 . Their removal marked the end of the 2018 of declining rig activity due to low oil prices that fell from its peak of $ 42 a barrel to $ 42 by the third week in a row , amid a pipeline shortage. Oilfield services giant Schlumberger predicts that shale output will flatten in 2016 due to low oil prices as oil companies curb spending on drilling projects.