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 […]