By John Lee.
Iraq’s oil-rig count has reportedly fallen by almost two-thirds this year.
Iraqi sources told S&P Global Platts that the total now averages 32 rigs operated by IOCs this month, down from 88 rigs in December 2019.
Federal Iraq is averaging 31 rigs this month, compared with 76 in December, while the Iraqi Kurdistan is averaging only one rig in May compared with 12 in December.
The reductions come after international oil companies were ordered to cut spending because of the oil-price crash.
(Source: S&P Global Platts)