Global oil rig count drops in 2024: Baker Hughes

06/01/2025 Argaam
Oil drilling rigs

Oil drilling rigs

The global oil rig count fell by 79 year-on-year (YoY), reaching 1,660 rigs in December 2024, according to data from Baker Hughes. This marks a decline of 49 rigs compared to the previous month.

 

The report also highlighted a decrease in the Middle East, where the rig count dropped by 4 to 332 in December, both on a monthly and annual basis.

 

Furthermore, the number of oil and gas rigs worldwide, excluding the US and Canada, declined by 10 rigs to 909 in December.

 

Oil & Gas Rigs

Region

A year earlier

Dec. 2024

Jan. 2025

MoM Change

YoY Change

Middle East

336

336

332

(4)

(4)

Total (excluding North America)

955

919

909

(10)

(46)

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