US Oil Rig Count Sees Slight Increase

In a recent update from Baker Hughes, the United States witnessed a modest increase in its oil rig count, adding one more to reach a total of 487 for the week ending March 14. This slight uptick comes amidst a broader context of a 23-rig decrease compared to the same period last year.

Gas Rig Count and Total Rigs Overview

Contrastingly, the gas rig count in the US saw a decrease by one, bringing the total to 100, which is also down by 16 from the previous year. The overall rig count in the US remained steady at 592, unchanged from the previous week but showing a 37-rig decline from the same timeframe last year.

Canadian Rig Count Declines

North of the border, Canada experienced a significant reduction in its total rig count, with a weekly drop of 35 rigs to 199. The oil rig count in Canada decreased by 31 to 139, while the gas rig count fell by four to 60.