Oil rig count increases by 2 to 431
The current oil rig count stands at 431, up 2 from the previous week.
The total rig count has also increased, reaching 563. This marks a significant change from the peak of over 1,000 rigs in early 2019.
The decline in rig count has been steady since then, with the count retreating to around 800 by late 2019 and then collapsing to an all-time low of 244 by August 2020 due to the pandemic and Saudi-Russia price war.