U.S. Operating Oil Rigs Test A New Record Low

The count of operating oil rigs across the United States drops to a record low to stand at 374 for the week ended 8 May 2020.

  • The fall in rig counts remains in line with the United States recent stance to curb the oil production in the wake of a 30 per cent hit in the global demand due to the COVID-19 outbreak.
  • As per the data from Baker Hughes Co, the recent decline was ~7.42 per cent higher against the previous record low of 404 rigs seen in May 2016.


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