Baker Hughes Rig Count - April 10, 2020

US Land Rig count continues to fall in response of the supply shock of the OPEC-Russia Price War and the Demand shock due to COVID-19. This week, OPEC and Russia came to an agreement on reducing production by nearly 10 million BOPD in May and June. Canada is shutting in production due to lack of storage and the US should see natural production declines. 

While these actions will not balance the markets, it should aid in reducing the overall supply build expected in Q2 2020.