US and Canadian rig counts drop week-on-week

US and Canadian rig counts drop week-on-week

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Baker Hughes has reported that for the week ending March 12, the US rotary rig count decreased by one to 402 rigs. The number of rigs drilling for gas remained level at 92, while the number of rigs drilling for oil decreased by one to 309. The overall rig count is now down by 390 rigs in a year-on-year comparison.

Meanwhile, the Canadian rig count decreased by 25 to 116 rigs in the week ending March 12. The Canadian rig count is now down by 59 rigs compared to the same week a year ago.

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