July usually sees a big jump in rig counts. This year there was a very tiny July increase, only a fraction of the increase we usually see for July.
*The Total International rig counts does not include the USA, Canada or the FSU. The Total International rig count was down 28 in July to 1118. Last July it was up3 to 1344.
The Middle East is the only place that rig counts are holding up. Rig counts for July are down 32 to 391 but they are still above their 2013 levels.
Latin American rigs fell 1 to 313 and are 23% below their 2014 level of 410.
Europe’s rig counts fell in July to 108. That is 45 rigs below last July’s count of 153.