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Global Oil and Gas Rig Count Down by 51 in May: Baker Hughes

ENERGY

Global oil and gas rig count in May fell by 51 rigs on the month to 1,675, according to Baker Hughes. The rig count can be an early indicator of future output.

  • Oil and gas rigs were 107 lower than May 2023.
  • The US saw a fall of 15 rigs on the month to 602 and down 125 on the year. The US rig count dropped about 20% in 2023 after rising by 33% in 2022 and 67% in 2021. The drop was driven by a decline in oil and gas prices and higher labour and equipment costs as companies focus on shareholder returns instead of raising output.
  • Canada’s rig count fell by 11 m/m to 120 but up 30 year-on-year.
  • In the Middle East, rigs edged down by 2 on the month to 341 and up 2 from May 2023.
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