North American Rig Count Falls to 792 as Canadian Oil Drilling Drops
North American drilling activity has declined to 792 rigs, driven by a sharp drop in Canadian operations that saw the country's count fall below 200 for the first time since July. Although US counts remain stable and oil prices are supportive, Canada has lost 19 rigs in the last month, narrowing its lead over last year's figures to just 4%.
New details from GN auto stocks/energy-stocks: drilling activity indicate that Canada's active rig count has slipped below 200 for the first time since July, with Alberta accounting for five of the ten total rigs lost this week. The report notes that while oil prices remain robust above $100, the year-over-year advantage has narrowed significantly to just eight rigs.
Source: EnergyNowBaker Hughes reports a weekly decline in North American drilling activity, driven primarily by a sharp reduction in Canadian oil-directed rigs despite stable US counts.
Source: Oil & Gas Journal
