North American Oil & Gas Rig Count Decreases in Week 09
Rig CountBritannica

North American Oil & Gas Rig Count Decreases in Week 09

Houston based oil field Services Company Baker Hughes reported for the week ending 5 March 2021 US rig count increased by one to 403 rigs. The US rig

Houston based oil field Services Company Baker Hughes reported for the week ending 5 March 2021 US rig count increased by one to 403 rigs. The US rig count is now down by 390 rigs in a year-on-year comparison. Meanwhile, the Canadian rig count decreased by 22 to 141 rigs in the week. The Canadian rig count is now down by 62 rigs compared to the same week a year ago. The International rig count increased by 24 to 7011 rigs in the week, down by 384 as compared to the same week a year ago.

Baker Hughes has issued the rotary rig counts as a service to the petroleum industry since 1944, when Baker Hughes Tool Company began weekly counts of US and Canadian drilling activity. Baker Hughes initiated the monthly international rig count in 1975. The Baker Hughes Rig Counts are an important business barometer for the drilling industry and its suppliers. When drilling rigs are active they consume products and services produced by the oil service industry. The active rig count acts as a leading indicator of demand for products used in drilling, completing, producing and processing hydrocarbons.

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