The number of U.S. oil rigs in use as of the end of February is at its lowest since early July 2022, according to oilfield services company Baker Hughes.
Larger-than-expected U.S. fuel stocks in recent months and expectations of weaker global growth have helped lower energy prices.
Asked by CNBC's Dan Murphy about the current state of the oil market, Saudi Aramco CEO Amin Nasser said, "A persistent underinvestment in oil upstream and even downstream is still there. The latest report from the IEA talks about a demand of 101.7 million barrels — going from 100 million barrels in 2022 to almost 2 million barrels more with China opening up and the aviation industry," which hasn't yet returned to pre-Covid levels.
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