Oil Rigs Count Touch Fresh Record Low in North America As Drillers Pullback Spending

  • May 23, 2020 AEST
  • Team Kalkine

The oil and natural gas rig count falls to all-time low across North America as energy firms slash spending in the wake of COVID-19 impact on the oil demand.

  • As per the data from Baker Hughes, the rig count across the United States dropped by another 21 rigs for the week ended 22 May 2020 to stand at 318, marking the third consecutive fall in the number of rigs.
  • Likewise, in Canada, the count dropped by 21 to stand at 23 rigs for the same period, and as per the estimation from Baker Hughes, on a y-o-y basis drillers across North America have trimmed rigs number by 68 per cent and 73 per cent, across the United States and Canada, respectively.

 


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