Rig counts don't matter (don't take that out of context). From Trading Economics:
Do folks remember this post, posted a few days ago?
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Saudi Aramco
CNBC:
- Aramco’s net income of $25.5 billion for the quarter compares to $6.6 billion in the same quarter of 2020.
- The result beat expectations, with analysts expecting a median net income of $24.7 billion for the quarter.
- Saudi state oil giant Aramco reported a stunning 288% increase in net
income to $25.5 billion for the second quarter, while maintaining its
dividend of $18.8 billion, as big oil benefits from higher prices and a
recovery in worldwide demand.
Rigs don't matter, following worst timing ever, January - March, 2020, graphic below,
note the ever-so-subtle jump in rig count. Saudi records an incredible
quarter after slashing rigs from fifty to less than thirty.
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