(Bloomberg) -- Oil drilling in the Permian Basin plunged to its lowest level since the nadir of the last crude-market slump in early 2016.
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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 Inc. on Friday.
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The last time the Permian rig fleet contracted at that pace was January 2016.
©2020 Bloomberg L.P.
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