Rig count declines further in 2016 after rough year for the oilfield sector

By Kasia Patel
Published: Monday, 08 February 2016

The oil and gas market looks set to worsen before it gets better, as rig counts into the new year declined again. With mineral suppliers to the industry already reporting losses, 2016 could be punctuated by further capacity curtailments and consolidation.

The worldwide rig count for January 2016 fell to 1,891, down 78 from 1,968 in December 2015, according to the latest figures from Baker Hughes.

While the year-on-year (y-o-y) global rig count decline has been well documented – the January figures represent a fall of 1,418 from January...

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