*Though large US upstream players continue to preach capital discipline (MEES, 21 May and MEES, 5 February), the country’s rig count continues to climb.
*The number of active drilling rigs targeting oil hit 352 on 14 May, the highest figure since last April and up 85 from the start of 2021, according to figures from oilfield services firm Baker Hughes. The latest gains of eight rigs last week come after the oil rig count had gone sideways for the preceding four weeks (see chart). (CONTINUED - 279 WORDS)
