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Rig count affects oil prices by influencing the supply side of the market. When the rig count increases, it typically leads to higher oil production, which can increase supply and potentially lower prices
The historical trend of rig counts has seen significant fluctuations, peaking at more than 4,500 rigs in the early 1980s before dropping sharply in the mid-1980s due to falling oil prices. Another peak occurred in 2014 with around 1,600 rigs, followed by a decline to about 400 rigs by 2016. Recently, the rig count has been gradually recovering, with approximately 593 active rigs as of March 2025.
The Enverus Rig Count is significant because it provides the most accurate and up-to-date tracking of active drilling rigs in the energy industry. By using GPS units to monitor more than 95% of the U.S. rig fleet daily, Enverus offers near real-time data, allowing companies to make timely and informed decisions.
The Permian Basin in the United States consistently has one of the highest rig counts due to its rich oil and gas reserves. Other regions like the Eagle Ford and Bakken also show substantial activity. In contrast, regions such as Appalachia focus more on natural gas, resulting in different rig count dynamics. Internationally, countries like Canada and Saudi Arabia maintain high rig counts, driven by their extensive oil fields.
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