The global oil rig count increased in February, compared to both the previous month and year-over-year, according to data released by oilfield services company Baker Hughes on Thursday.
The total number of oil rigs worldwide, which is an indicator of crude oil production, rose to 2,306 in February 2019, from 2,271 in February 2018 for a 1.5 percent gain.
The count of oil rigs in the world increased by 1.8 percent from January, which stood at 2,265.
Year-over-year, the highest increase in the number of oil rigs was seen in the U.S. where the oil rig count rose by 80 to 1,049 in February this year, from 969 the same month of the previous year for an 8.2 percent increase.
The U.S. has seen its crude oil production average around 12 million barrels per day (bpd) in February 2019, while this amount was approximately 10.25 million bpd in February 2018, according to the U.S.' Energy Information Administration (EIA) data.
This marks a 17.1 percent increase in U.S. crude oil production year-over-year.
- Latin America, Canada see declines
On the other hand, the oil rig count in Latin America and Canada saw declines in February from the previous year.
The total number of oil rigs in Latin America stood at 182 in February 2019 - a fall of 17 compared to 199 in February 2018.
In Canada, the oil rig count totaled 230 last month -- a decline of 93 from the same period of last year when it stood at 323.
By Ovunc Kutlu