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Baker Hughes: Monthly U.S. rig count drops 20 percent

By UPI Staff

WASHINGTON, March 6 (UPI) -- The number of U.S. rigs actively exploring for or producing oil or gas was down 20 percent from January.

Oil services company Baker Hughes published its monthly rig count report for February, and the average U.S. rig count for February was 1,348, down 335 from January and down 421 year-on-year.

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The average Canadian rig count was 363, down 5 from January and down 263 year-on-year.

Oil prices are off about half their June value, as U.S. inventories accumulate, which has led to planned spending cuts in exploration and production. The U.S. Energy Information Administration in its petroleum status report for the week ending Feb. 20, the most recent data available, said U.S. crude oil inventories increased by 8.4 million barrels from the previous week to 434.1 million barrels, the highest level for this time of year in at least 80 years.

The total international rig count for February was 1,275, up 17 from January and down 66 year-on-year. The international offshore rig count for February was 324, up 10 from January and up 6 year-on-year.

Since January, onshore rig activity moved slightly upward in Latin America, Africa, and the Asia-Pacific while dropping or remaining static elsewhere. Offshore rig counts in February increased slightly in the Middle East and Asia-Pacific, and in Europe jumped to 56 from 45 in January and 41 in February 2014.

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