Rig counts from the Organization of Petroleum Exporting Countries (OPEC) sank to the lowest level since June 2013, according to data from Baker Hughes. The drop comes despite Venezuela adding 13 rigs to its fleet. The remaining 10 members in the report (Iran data is excluded due to sanctions) combined for 19 fewer active rigs.

Libya has only three running rigs – the lowest since 2011, when a civil war brought oil production to a standstill. Production has been wildly inconsistent since January 2014, ranging from 250 to 850 MBOPD as various d...


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