50% less rigs pumping & oil price is 50% lower

The amount of rigs in action are still below the peak seen in 2020 and 2019 and half the amount of rigs are in operation as when deployed between the years of 2011 – 2014.

At today’s $83 price of WTI, it’s 50% below the 2011-2014 price, with less production but is there less demand or have alternatives replaced that energy supply?

Here is this month’s Baker Hughes international rig count numbers.

I’ve highlighted the Canadian figures which rose month over month and LatAm is still holding rig counts at multi-year levels.

August 13, 2023

by Rob Zdravevski

rob@karriasset.com.au