September 2025
GLOBAL MID-YEAR FORECAST
U.S. drilling slows as high operating costs, low oil prices and capital restraint motivate operators
U.S. drilling activity has softened in 2025, with rig counts sliding despite steady production, as operators lean on efficiency gains and disciplined spending. M&A and inventory optimization took priority over aggressive new drilling, while gas-focused rigs remained under pressure amid shifting LNG demand.
