US oil drilling falls in response to lower prices

LONDON, Feb 27 (Reuters) – U.S. oil drilling activity has begun to decline in response to the downturn in prices since the middle of 2022 – which will translate into slower production growth throughout the rest of 2023 and into 2024.

The number of rigs drilling for oil fell to 600 in the week ending on Feb. 24, down from a recent peak of 627 in the week ending on Dec. 2, oilfield services company Baker Hughes found.

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