Shale Boom Falters as Oil Lingers Near $45 on Stubborn Glut
- Permian only basin of Big 4 to expand amid overall decline
- Shale rig decrease marks end of record 23-week expansion
Barclays' Potter Sees U.S. as Top LNG Exporter
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Shale explorers reduced the number of rigs drilling for oil in the U.S. this week, snapping a record expansion in a sign the boom may be waning as prices linger near $45 a barrel.
Working rigs targeting crude fell by 2, bringing the total to 756, according to Baker Hughes Inc. data reported Friday. The reduction ended 23 straight weeks of rig additions, the longest stretch of uninterrupted growth on records dating back to 1987. Before this week, the rig count more than doubled from a low of 316 in May 2016 as shale explorers ramped up production.