Pace of US drill rig count decline softens

By James Sean Dickson
Published: Thursday, 11 June 2015

The worst of the effects of the oil prices on oil exploration and thus industrial mineral demand from drilling activity appears to have passed. With high-cost rigs now removed from the demand equation, the decline in the drill rig count has slowed, a rare positive development in a depressed oilfield minerals market.

The steep decline in the number of drilling rigs in the US appears to be moderating, according to the latest count compiled by oilfield services company Baker Hughes Inc.

Widely considered to be a metric for the health of the oil industry, the precipitous drop in the number of drilling rigs,...