HOUSTON, May 15 (UPI) -- The pace at which the exploration and production sector in North America is declining is slowing, weekly data from oil field services company Baker Hughes show.
Baker Hughes said in a weekly report the number of rigs actively exploring for or producing oil and natural gas in the United States and Canada declined by a combined 15 for the week ending May 8. That's an improvement over the week-on-week decline reported for the week ending May 1.
A weak crude oil market, characterized by a slump in demand and a surplus of supplies, has forced most energy companies to cut back on exploration and production. Through the first quarter of the year, that's resulted in a decline in production from some states, though rig data paint a mixed picture.
The North Dakota Industrial Commission said oil production in March, the last full month for which data are available, was 1.19 million barrels per day, up nearly a full percent from February but down around 2.5 percent December, the all-time high.
The increase comes despite a drop in the number of rigs exploring for or producing oil and natural gas in the No. 2 oil producer in the nation. State data showed 111 active rigs as of March 13 and 83 as of Friday.
There were 156 active rigs reported in the state in January.
Data from Baker Hughes show 108 active rigs in Oklahoma and all of them are exploring for oil. Oklahoma is the No. 5 oil producer in the nation. For California, the No. 3 oil producer in the nation, the rig count was 13 for the week ending May 8. In Texas, the No. 1 oil producer, there were 330 rigs drilling for oil as of May 8.
