Baker Hughes Rig Count for North American Down 29 for March 15

The Baker Hughes Rig Count for North America was down 29 for the week ending March 15, as Canada continues to drag down the United States (US).

The U.S. rig count declined by just 1 to 1026, but remains 36 rigs higher than the previous year. A new study finds the U.S. will overcome Saudi Arabia in 2019 as the world’s top oil exporter.

Rigs classified as drilling for oil in the U.S. declined by just 1 rig to 833, but are still 33 rigs more than the prior year’s level. Rigs classified as drilling for gas were flat at 193, which is 4 more than last year.

For Canada, rigs classified as drilling for oil fell another 20 to 98, and are now 46 fewer than one year ago. Rigs classified as drilling for gas were down by 8 to 63, which is 12 less than last year.

The Gulf of Mexico, while a subset of the U.S., is a separately counted component. It held steady at 22, up 9 rigs from one year ago.

The Baker Hughes Rig Count tracks weekly changes in the number of active rigs classified as drilling for either oil or gas. Active rigs are essential for the exploration and development of oil and gas fields.