US rig count plunges to a record low

190

The US rig count fell for the 11th-straight week to the lowest level on record as energy companies continue to shut down rigs in the face of low oil prices. Report informs citing the Houston Chronicle.

According to Baker Hughes, a Houston oil-field services company that has been monitoring the rig count since 1987, the number of drilling rigs in operation declined to 318 across the nation, 21 fewer than a week ago. At the worst of the 2014-16 oil bust — the previous lowest point on record — 404 rigs were operating.

The novel coronavirus (COVID-19) emerged in late 2019 in China’s Hubei province, and the virus has spread to 212 countries and territories since then.

To date, COVID-19 cases surpassed five mln globally, resulting in more than two mln recoveries and over 340,000 deaths.

On February 11, the WHO officially named the 2019 novel coronavirus (2019-nCoV) as COVID-19, and on March 11, declared it a pandemic.