As of April 29th.
“The total rig count increased to 698 this week—258 rigs higher than the rig count this time in 2021 and the highest count since April 2020. Drilling has picked up substantially since the Russia invasion, adding 48 rigs over the last nine weeks.”
Why would oilcos reinvest profits for new production? They are facing being levered out of the market altogether by a government that promises to shut them down in a few short years.