Rig activity fails to bounce back despite $20/bbl oil

Rig activity remains near historic lows, despite months of recovering oil prices and falling inventories. Click here to enlarge imageIndustry leaders blame financial weakness and structural reorganization for the apparent lag in drill rig recovery. (Fig. 1 at right) Click here to enlarge imageFrom May to July, worldwide drilling activity edged upwards 213 units to 1,384 rigs, while over the same period, Brent oil prices rose $3.44 to $18.65/bbl (Figs. 1, above right and 2, right). Yet last year, while oil prices ranged from $12 to $14/bbl, operators and national oil companies kept more than 1,800 rigs busy.Worldwide activity Click here to enlarge imageAccording to Baker Hughes Inc., th...

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