Oil drilling in the Permian Basin plunged to its lowest level since the nadir of the last crude-market slump in early 2016. Explorers idled 13 rigs this week in the most-prolific North American oil field, bringing the active fleet tally to 405, according to data released by Baker Hughes Co. on Friday.
The last time the Permian rig fleet contracted at that pace was January 2016.