Market Overview

Baker Hughes Reports Climb In Total Oil Rigs

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Baker Hughes (NYSE: BHGE) announced its international rig count increased for May to 1,126, up 64 from the 1,062 counted in April, and up 159 from the 967 counted in May 2018.

The international offshore rig count for May was 240, down 11 from the 251 counted in April, and up 42 from the 198 counted in May 2018.

See Also: US Adds 75,000 Jobs In May, Far Below Estimates

Ukraine has been added to the Baker Hughes rig count, effective June 7. In May, Ukraine represented 84 of the 186 active drilling rigs in Europe, an increase of 88 rigs compared to April 2019 and an increase of 106 rigs compared to May 2018.

The worldwide rig count for May is 2,182, up 42 from the 2,140 counted in April, and up 86 from the 2,096 counted in May 2018.

Posted-In: News Commodities Econ #s Markets

 

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