NOV rig census shows pandemic's historic impact on drilling industry

摘要

THE START OF ANY 2020 CENSUS, IN any industry or any part of the world, must begin with the impact of COVID-19. For oil and gas, the impact was a drastic drop in demand. Oil and gas drilling has been one of the most negatively impacted industries during the pandemic, and recovery appears to be slower than everyone had hoped. Early in the pandemic, the industry was further impacted by the market share war between Saudi Arabia and Russia that led to oversupply at a very low price, and an associated build in oil inventories that poor demand is slow to draw down. Operators quickly cut CAPEX budgets by 20-30%.