*The rig count for key Gulf countries surged in April according to latest data from services firm Baker Hughes, whilst recent earnings calls from Baker Hughes and its competitors SLB and Halliburton flagged up expectations of continued multi-year growth.
*For the Gulf region overall (excluding Iran) the rig count leapt by 13 to 291 for April, the highest level since 2Q 2020 (see chart 1). Not surprisingly, Saudi Arabia and the UAE (Abu Dhabi), which are both advancing multi-year multi-$bn investment plans, are leading the gains. (CONTINUED - 636 WORDS)
