• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 25 mins Emissions Need To Be Halved To Avoid 3C Warming
  • 3 hours The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 12 hours Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 3 hours Coal Boom in Asia is Real and a Long Trend
  • 43 mins Solar Panels at 26 cents per watt
  • 11 hours Trudeau approves Trans Mountain Pipeline
  • 13 hours OPEC, GEO-POLITICS & OIL SUPPLY & PRICES
  • 7 hours Pioneer CEO Said U.S. Oil Production would be up to 15 mm bbls/day NOW if we had the pipelines. Permian pipelines STARTING Q3
  • 6 hours US to become net oil exporter in November: EIA
  • 6 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 13 hours The Plastics Problem
  • 3 hours US Shale Drilling lacks regulatory body.
  • 5 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 6 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
Alt Text

BP: Petrochemicals Drive U.S. Oil Demand Boom

The United States saw its…

Alt Text

Norwegian Oil Pioneer: Big Oil’s Exodus Has Started

Norwegian Oil CEO Erik Haugane…

Alt Text

U.S. Gulf Coast Oil Imports Hit 33-Year Low

The U.S. Gulf Coast saw…

Ron Patterson

Ron Patterson

Ron Patterson is a retired computer engineer. He worked in Saudi Arabia for five years, two years at the Ghazlan Power Plant near Ras Tanura…

More Info

Trending Discussions

Global Rig Count Continues Steady Decline

Baker Hughes has published its International Rig Count with production numbers for October. This is a monthly rig count and breaks down the international rigs by oil, gas and miscellaneous. Baker Hughes does not include the Former Soviet Union countries in their count or totals. Baker Hughes also includes the U.S. and Canada in their monthly count but they do not break U.S. and Canada monthly totals down by oil and gas.

TotalWorldAllRigs

All rigs were down 85 rigs in October to 2,086 rigs. October ‘14 to October ‘15 total world rigs were down 1,571 rigs or 43 percent.

USTotalRigs

U.S. total rigs were down 57 rigs in October to 791. October ‘14 to October ‘15 U.S. rigs were down 1,134 rigs or 59 percent.

CanadaTotal

Canada was up one rig in October to 194. October ‘14 to October ‘15 Canada is down 240 rigs or 56.6 percent. For several years now Canadian rigs have peaked in February. This year it was different, however.

TotalInternationalOil

Total international oil rigs were down 17 rigs in October to 854. October 2014 to October 2015 total international oil rigs were down 180 rigs or 17.41 percent but have dropped 21 percent since last July. Keep in mind this does not include Russia or any of the other FSU countries. Related: Oil Sands Still Face Pipeline Problems

MiddleEastRigCount

The Middle East rig count has been up three months in a row. They were up 5 rigs to 305. October 2014 to October 2015 they were up only 4 rigs however.

SaudiArabianOilRigs

Saudi Arabian oil rigs peaked in April at 81. Saudi gas rigs stand at 54 giving them a total of 135 rigs in the country.

IraqiOilRigs

Iraq is one place in the Middle East where the rig count is falling. This is likely due to the ISIS insurgency there.

KuwaitiOilRigs

Kuwaiti rigs peaked in March 2015 at 42 and have since dropped by 10 to 32. Related: Is Iran Opening A “Secret Passage” To Asia For Russian Crude?

UAEOilRigs

The UAE has doubled its rig count since 2013.

LatinAmericaOilRigs

Latin America lost 22 rigs in October. That took them to 272. October 2014 to October 2015 they have lost 74 rigs or 21.39 percent.

MexicoOilRigs

Baker Hughes uses “Latin America” instead of South and Central America. And of course Mexico is part of Latin America. Mexico’s oil rigs started declining long before the price collapse. They hit 104 oil rigs in March of 2013 but are now at about one third that amount. They have had 35 oil rigs working for the last two months. Related: Only 1 Percent Of Bakken Shale Is Profitable At These Prices

EuropeOilRigs

Europe, since last October, has dropped 36 rigs but now seems to have leveled out at 60.

AfricaOilRigs

Africa hit 123 rigs in February 2014 and 118 in November 2014 but is now down to 69.

AsiaPacificOilRigs

Asia Pacific oil rigs have followed the same pattern as the rest of the world, dropping about 24 percent since last fall.

Historically production has followed rig count with a delay of about one year. The worldwide rig count did not start dropping in earnest until January 2015. I would expect to see world oil production follow a similar pattern.

By Ron Patterson

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment





Oilprice - The No. 1 Source for Oil & Energy News