Active Rigs Fall to Zero in Two Oil Hotspots In the latest sign of the times, and what very well may be an indicator of things to come, two major oil hotspots this week saw their active rig counts reduced to zero: Venezuela and Wyoming. And the market wants to know who’s next. Venezuela saw its rig count dip to just one drilling rig in June. But Chevron pulled up stakes in Venezuela over sanctions-related issues, leaving its oilfield services contractor, Nabors Industries, no choice but to exit as well. This is a historic moment for a country sitting on the world’s largest oil reserves, and it can’t all be blamed on the pandemic and U.S. sanctions. Venezuela has done nearly everything in its power to repel foreign oil and gas companies. Chevron was the last of the brave–or perhaps naive–companies to do business there, and Chevron had to […]