Baker Hughes: Global oil rig count drops in April

The number of active oil rigs worldwide fell by 70 year-on-year (YoY) in April to 1,616, according to data from oilfield services company Baker Hughes. The total was also down by 110 rigs compared with the previous month.

The report showed that the Middle East’s rig count declined to 335 in April from the prior month, down by eight rigs compared to the same period last year.

Excluding the United States and Canada, the global oil and gas rig count dropped to 891 in April, down by 87 rigs YoY and lower on a monthly basis as well.