World rig count up month-on-month – OPEC’s view

Oil&Gas Materials 15 September 2021 18:43 (UTC +04:00)
World rig count up month-on-month – OPEC’s view

BAKU, Azerbaijan, Sept.15

By Leman Zeynalova – Trend:

The world rig count rose from 1,486 units in July 2021 to 1,540 in August, Trend reports with reference to OPEC.

The cartel said in its September Oil Market Report that the number of rigs increased from 1,346 in the first quarter of 2021 to 1,366 in Q2. Oil rigs accounted for 1,218 units of the total number of rigs in August as compared to 1,182 units in July. The gas rig count rose from 271 in July 2021 to 287 in August. The number of other rigs stood at 35, an increase by 3 units month-on-month.

OPEC rig count saw a slight increase from 356 to 359, while the number of non-OPEC rigs stood at 1,181 in August versus 1,130 a month before.

Total OECD rig count amounted to 793 in August, or by 40 units more than in July, while non-OECD rigs rose from 377 to 388.

As for oil supply forecasts, OPEC says non-OPEC liquids supply growth in 2021 (including processing gains) was revised down by 0.17 mb/d from the previous assessment, owing to a downward revision of 0.52 mb/d in 3Q21. The revisions are mainly due to oil production outages in North America in August, related to Hurricane Ida in the Gulf of Mexico (GoM) and an explosion and fire on an offshore platform in Mexico. Production estimates in the North Sea were also revised down, due to lower-than-expected output in 3Q21. Annual growth is now forecast at 0.9 mb/d y-o-y, to reach 63.8 mb/d. The US liquids supply forecast has been revised down by 41 tb/d and is forecast to grow by 0.08 mb/d y-o-y. The downward revision due to disruptions in production caused by Hurricane Ida was partially offset by higher-than-expected output in 2Q21. The 2021 oil supply forecast primarily sees growth in Canada, Russia, China, the US, Brazil and Norway, while output is projected to decline in the UK, Colombia, Indonesia and Egypt.


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