The decline in the number of oil drilling rigs in the U.S. has exceeded a decline of 60 percent, oilfield services company Baker Hughes' data shows.
With low oil prices, the rig count in the country continues to decline as it fell by seven to reach 635 for the week ending June 12.
This marks the 27th consecutive week of the drop in the oil rig count.
The number of oil rigs in the country was at its highest level in October 2014 at 1,609, but has fallen by 60.5 percent since then.
Falling oil prices put U.S. producers in a difficult position in seeing a return on their investments.
Yet, the recent fall in the number of oil rigs is modest when compared to the double-digit drops in the last months. The rig count fell by 13 for the week ending May 29.
The falling number of oil rigs in the U.S. is expected to slow domestic oil production in the country and put an upward pressure on oil prices beginning from the third quarter of the year.
In addition, the falling crude oil inventories in the U.S. are also projected to trim the glut of oil supply in the market to relieve the downward pressure on the price of crude oil.
The U.S. Energy Information Administration (EIA) data showed last Wednesday that crude oil stocks in the country fell for the sixth week in a row.
EIA said crude oil inventories in the country fell by 6.8 million barrels, or 1.4 percent, to reach 470.6 million barrels for the week ending June 5, from 477.4 million barrels for the week ending May 29.
By Ovunc Kutlu
Anadolu Agency
ovunc.kutlu@aa.com.tr