You are here

Oil slump drives US drillers to idle the most rigs in 2 years

With oil at US$60 a barrel, US producers have curbed spending

BT_20141215_DRILL15_1411967.jpg
The yields from new wells in shale formations including North Dakota's Bakken (above) and Texas's Eagle Ford are projected to reach records next month.

San Francisco

US OIL drillers idled the most rigs in almost two years as they face oil trading below US$60 a barrel and escalating competition from suppliers abroad.

Rigs targeting oil dropped by 29 last week to 1,546, the lowest level since June and the biggest decline since