Rig Counts Don't Matter -- August 12, 2021

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.