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 2016. The likelihood of a slowdown in shale oil production was underscored Friday by the oilfield services company Schlumberger, the world’s largest. But that is still a far cry from the peak of nearly 1 million active rigs at the end of 2014, when there was an energy glut. Oilfield services giant Schlumberger predicts that shale output will flatten in 2019 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 2016. But that is still a far cry from the peak of nearly 1 million active rigs at the end of 2014, when there was an energy glut. Oilfield services giant Schlumberger predicts that shale output will flatten in 2019 due to low oil prices as oil companies curb spending on drilling projects.