US Oil Rig Count Nears Floor

摘要

The collapse of oil drilling activity in the US finally appears to be nearing a floor, with data from oil-field services provider Baker Hughes indicating that the three-month bloodletting in the US oil rig count has slowed to a trickle. The number of drilling rigs targeting oil in the US fell by just one in the week ended Jun. 26, according to Baker Hughes’ data. It marks the smallest weekly decline by far since mid-March, when the onset of the Covid-19 pandemic in the US caused an unprecedented crash in oil demand and prices, forcing domestic producers to slash their upstream operations in a desperate effort to cut costs and survive the crisis.