Oil and gas drillers around the world, excluding the United States and Canada, cut oil rigs in November  for the fourth consecutive month by 34 to 1,096 rigs, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

 

On a year-on-year (YoY) basis, oil and gas rigs increased by 105 rigs in November.

 

Middle East rigs fell by 7 rigs month-on-month (MoM), but increased by 23 rigs when compared to November 2018.

 

Worldwide, oil and gas rigs dropped by 81 rigs MoM and by 244 rigs YoY to 2,042 rigs in November.

 

Month-on-Month Change in World’s Oil & Gas Rigs

Rigs

A year ago

Last month

Current

MoM change

YoY

Middle East

394

424

417

(7)

+23

World total (exc. North America)

991

1,130

1,096

(34)

+105

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