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Oil services company Baker Hughes released data on Friday showing that U.
S.
oil rigs fell for the seventh straight week, with U.
S.
oil rigs down 10 to 595 this week
.
This is the first time since July 2010 that it has fallen below
600 units.
By region, the number of oil rigs in Eagle Ford, Texas, decreased by 4 to 76; Williston, North Dakota, saw the number of oil rigs fall by one to 64; The number of oil rigs in the Permian Basin shale oil region in western Texas decreased by two to 233
.
Since October 2014, the number of oil rigs in the United States has declined by about 63%.
Oil companies use rigs to find new oil
.
Baker Hughes has published weekly oil and gas rig data
since 1944.
Changes in rig activity can occur many months
earlier than actual production changes.
On Thursday, Schlumberger, the world's largest oilfield services company, reported third-quarter earnings that saw its third-quarter profit plunge 11 percent year-on-year, while saying it was not optimistic about the outlook for the energy sector
.
Schlumberger CEO Paal Kibsgaard said the recovery in oil prices looked set to be delayed
.
He also said on Friday's earnings call that drilling activity would not revive
until 2017.
Oil services company Baker Hughes released data on Friday showing that U.
S.
oil rigs fell for the seventh straight week, with U.
S.
oil rigs down 10 to 595 this week
.
This is the first time since July 2010 that it has fallen below
600 units.
By region, the number of oil rigs in Eagle Ford, Texas, decreased by 4 to 76; Williston, North Dakota, saw the number of oil rigs fall by one to 64; The number of oil rigs in the Permian Basin shale oil region in western Texas decreased by two to 233
.
Since October 2014, the number of oil rigs in the United States has declined by about 63%.
Oil companies use rigs to find new oil
.
Baker Hughes has published weekly oil and gas rig data
since 1944.
Changes in rig activity can occur many months
earlier than actual production changes.
On Thursday, Schlumberger, the world's largest oilfield services company, reported third-quarter earnings that saw its third-quarter profit plunge 11 percent year-on-year, while saying it was not optimistic about the outlook for the energy sector
.
Schlumberger CEO Paal Kibsgaard said the recovery in oil prices looked set to be delayed
.
He also said on Friday's earnings call that drilling activity would not revive
until 2017.
