Offshore drilling rig count already reached the inflection point. This past week the offshore rig count rose two while the onshore count fell nine. However, this incoming week will be marked as the bottom of the oil burst as onshore rig count will also reach the inflection point. Shale drillers have learned to live with $55-$60 oil. Reaching bottom is crucial to stop all the lay off in the industry. It is a big milestone. Things will slowly start to get better. Hang in there folks.
4 replies (most recent on top)
they do not ring bells at tops and bottoms. first, we all need to lose hope, including me and you. once that takes place, the inflection point just happened. 44 years of o&g experience
No we haven't reached the bottom yet
A little too late for many.
A little too late for many.