Hopes high US rig count is nearing the bottom

摘要

THE US onshore rig count may be close to bottoming out following a steep decline in shale drilling activity amid the Covid-19 pandemic and consequent oil price crash, although one analyst has warned that 50 more units could be lost in the coming weeks. The extent of the activity decline was laid bare in last week's rig count from oilfield services giant Baker Hughes, which showed that the number of active units dropped more than 60% year-on-year to 162 following the oil price collapse in March.