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Global and Regional Markets

Pressures amp up as rig counts keep falling

Amid low prices and a vast oil oversupply, drilling industry may need to look to strategic partnerships and diversification for survival By Stephen Whitfield, Associate Editor As the economic impacts of the COVID-19 pandemic drag on and the reality of a much-lower-for-longer environment really sets in, oilfield companies are recognizing that finding a path to survival has become more critical than ever. The WTI price has shown some slight improvement since its crash in late April, reaching $40.73 on 22 June. While this price still reflects a 36% drop from the 2020 high – $63.05 on 3 January – it is much closer to the mid-$40s, where the WTI averaged in the first week of March. That was just before ...

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