Baker Hughes US Oil Rig Count shows the number of active oil rigs operating in North America. The index is released weekly, on Fridays.
Baker Hughes has been counting oil rigs since 1944. Statistical data compiled consistently for 70 years are useful both in the current assessment of the industry state and in general historical analysis. Rig Counts are published by the major economic media and industry publications, and are included in many statistical reports.
The index is considered an important indicator of the oil and gas industry activity. When drilling rigs are active, they consume products and services provided by the oil service industry. The Baker Hughes Rig Count is a leading indicator of oil consumption and demand. Estimated supply and demand values in the energy sector, as well as oil price level on both local and global scales are based on this indicator.
The active drilling rig count can be reduced for economic reasons (rigs can be stopped to recover crude prices) and due to technical factors (equipment failure, weather conditions, etc.).
Generally, a rise in the active drilling rig count leads to an increase in oil production. In turn, the growth of supply in the oil markets pushes oil prices downwards. Conversely, a decrease in the number of active drilling rigs is favorable for the oil price.
The chart of the entire available history of the "Baker Hughes United States Oil Rig Count" macroeconomic indicator.
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