HOUSTON, April 8 (UPI) -- The number of rigs exploring for or producing oil and natural gas in the United States in March was down 17 percent from the previous month, Baker Hughes said.
The oil services company published rig data for March. The average U.S. rig count for March was 1,110, down 238 from February 2015 and 693, or 38 percent, year-on-year.
The low price of oil has forced most energy companies to pull bank on spending in exploration and production in 2015. In the United States, that trend has been evident in the decline in operations in North Dakota, the No. 2 oil producer in the nation.
State data Wednesday from North Dakota show 93 active rigs in service, down from the 94 reported last week but less than half the number reported in the state on this date in 2014.
Goldman Sachs in a research note published late Monday said oil prices will need to stay depressed for a longer period of time in order to slow U.S. oil production growth substantially.
A monthly market report from the U.S. Energy Information Administration said oil production for March was a near-record 9.3 million barrels per day, but is expected to slow down through September. The full-year average production for 2015 is forecast at 9.2 million bpd.
Internationally, Baker Hughes said there were 2,557 rigs in service last month, down 14 percent from last month and 29 percent less than March 2014. Offshore, the rig count for March was 316, down 8 from February and 18 year-on-year.
