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Key GCC oil producers Saudi Arabia, Abu Dhabi, Kuwait, Qatar and Oman have kept upstream activity at near-record levels so far this year.
The number of active drilling rigs has dipped somewhat from record highs seen last year but Gulf countries are so far proving good to their word and maintaining upstream spending, or more accurately they have only cut spending to the extent that they can squeeze contractors (MEES, 11 March).
According to oilfield service firm Baker Hughes, the Saudi rig count fell to 127 in March, just two below its December 2015 record of 129, while both Abu Dhabi with 48 and Oman with 70 in March are both close to their 2015 records of 52 and 73 respectively (see table).
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