Climb in Oil Count Plunged the U.S Oil Production Over 13 Million bpd
Baker Hughes Company is among the top companies in providing the energy sector with technologies for drilling, production, evaluation and even consultancy services. Baker Hughes rig count is thus a major parameter for determining the demand for oil commodities in the energy sector. The company, showcasing current scenario of the U.S. oil industry reported that the count of oil rigs marginally increased by 3 whereas natural gas incurred a rig loss of 5. With this complete U.S. energy sector witnessed a decrease of 2 rigs from previous week and an altogether decrement of 265 rigs was observed on yearly basis. Moreover, highlighting the upsurge in the oil production, the Energy Information Administration (EIA) stated that the total oil production has surprisingly exceeded the prominent threshold of 13 million bpd. However, weakened demand of oil as a result of restricted travel due to outbreak of SARS Coronavirus epidemic in China has still remained a dominating factor in pulling down the market growth, causing oil prices to be traded at $54.23 per barrel ,down by 2.45 per cent from last week.