The rate of decline is slowing down, but it hits a 12-Year Low. When will the brutal downturn end? Since rig count is the leading indicator for the industry, once the drop end we will know the better future is ahead of us. And the industry starts to shout about skill workers shortage all over again.
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The country of Iran is about to flood the market with millions of barrels of oil. Oil prices will not be stabilizing until next year.
You will see the end of releasing rigs as soon as the rigs go back to work.
I would tell you, but you could not handle The Truth.