Baker Hughes US oil rig count 515 vs 513 prior

There’s about a 12 month lag from US drilling to production. I suspect we’ve bottomed here but it’s tough to say how quickly it will rebound. Yes, oil is at $90 but OPEC+ has 4 million barrels per day in spare production and oil company shareholders are trying to enforce discipline. There are also questions about drilling inventory 3-4 years out.