*Saudi Arabia’s rig count hit its highest quarterly average since 3Q 2020 in the first quarter of 2024. The increase to 87 was driven largely by oil rigs, which increased from 43 for Q4 to 45.
*However, Saudi Arabia’s rising rig count is set to lose momentum, with Aramco suspending contracts with a number of drilling firms in recent days. The move comes as the firm has halted plans to expand crude oil production capacity by 1mn b/d. (CONTINUED - 129 WORDS)
