EU ENERGY SECTOR: Global Oil and Gas Rig Count Fell in March

Baker Hughes monthly data released today shows a decrease in global oil and gas rig count in March led by a big fall in Canada.

• Total global rig counts fell by -42 from February with an decrease of -52 in Canada, -4 in the Middle East and -5 in the US. The Canada rig count remains higher than the average 2022 levels after pulling back from a the highest since Feb 2020 last month.
• Total world oil and gas rig count had risen from a low of 1016 in Oct 2020 up to a peak of 1921 in Feb 2023 with the US accounting for about 55% of the increase.

Source: Baker Hughes