• 4 minutes What will the future hold for nations dependent on high oil prices.
  • 7 minutes Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 12 minutes OPEC Cuts Deep to Save Cartel
  • 15 minutes Venezuela continues to sink in misery
  • 5 mins End of EV Subsidies?
  • 1 hour Maersk's COO statment.
  • 6 hours Citi cuts Apple's price target
  • 6 hours Asian stocks down
  • 2 hours Japan Effectively Bans China’s Huawei, ZTE From Government Contracts, Joining U.S
  • 4 hours USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 11 hours China Builds LNG Icebreaker
  • 4 hours GOODBYE FOREIGN OIL DEPENDENCE!!
  • 2 hours Oil prices may go up, but will be below $70 a barrel in FY19: Hindustan Petroleum Chairman
  • 11 hours Price Decline in Chinese Solar Panels
  • 13 hours EPA To Roll Back Carbon Rule On New Coal Plants
  • 3 hours Regular Gas dropped to $2.21 per gallon today
OPEC Oil Exports Jump Ahead Of Meeting

OPEC Oil Exports Jump Ahead Of Meeting

OPEC countries saw their total…

2019: A Pivotal Year For OPEC

2019: A Pivotal Year For OPEC

2019 is shaping up to…

North-American Rig Count On The Way Up As Rest Of The World Declines

The Baker Hughes International Rig Count is out. I have decided to try something new with the charts. That is to compare the current year’s rig count with the previous two years count and to insert, within the charts, the percent change for this year as compared to last year. Also, this is the total rig count, Oil and Gas. Also the charts are not zero based. I do this in order to better emphasize the monthly change.

July usually sees a big jump in rig counts. This year there was a very tiny July increase, only a fraction of the increase we usually see for July.

(Click to enlarge)

*The Total International rig counts does not include the USA, Canada or the FSU. The Total International rig count was down 28 in July to 1118. Last July it was up3 to 1344.

(Click to enlarge)

The Middle East is the only place that rig counts are holding up. Rig counts for July are down 32 to 391 but they are still above their 2013 levels.

Related: Congress To Lift Oil Export Ban Next Month?


(Click to enlarge)

Latin American rigs fell 1 to 313 and are 23% below their 2014 level of 410.

(Click to enlarge)

Europe’s rig counts fell in July to 108. That is 45 rigs below last July’s count of 153.

(Click to enlarge)

Africa’s rig count dropped by 9 to 94. That is 43 rigs below last July’s count of 137.

Related: Rail Companies Slammed By Oil Downturn

(Click to enlarge)

The Asia Pacific rig count dropped by 3 to 212. That is 41 rigs below last July’s count of 253.

(Click to enlarge)

*The Total World rig count includes the USA and Canada but not the FSU. The Total World rig count increased by 31 to 2,167. That is 1,441 rigs below last July’s count of 3,608. The percentage decrease from last July is just under 40%.

Related: Bullish Bets On Oil Go Sour

(Click to enlarge)

The US rig count is leveling out. The US rig count was up 5 to 866 but that is still 1010 rigs or 53.84 percent below last July’s rig count of 1876 total rigs.

(Click to enlarge)

Canada’s total rig count increased by 54, from 129 to 183. However last July’s increase was 110 rigs, from 240 to 350. So this year’s July increase was less than half last July’s increase.

By Ron Patterson

 More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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