Global Rig Counts Hit By Low Oil Prices

Istanbul, April 29 (DHA) - Low crude oil prices hit global rig counts, reducing total oil and natural gaz wells by 28.9 percent on annual basis at the end of March, according to the data released by Baker Hughes Incorporated.

Brent crude fell below 56 dollars per barrel in January, losing almost 50 percent of its June 2014 price at 110 dollars in January 2015.

Oil prices started to rise in February due to the data showing the drop in the number of US drilling wells for crude.

Brent crude rose to 64.64 dollars a barrel on Wednesday, close to 65 dollars, highest level this year, while U.S. crude for May delivery was also increased to 56.99 dollars per barrel.

While the drop in the number of drilling wells slowed, recovery in US oil drilling activity may never reach last year's frenzied pace, analysts said.

The global rig count for March 2015 was at 2,557, down 28.9 percent from the 3,597 counted in March 2014, while land rig count fell by 31.6 percent to 2,195 and offshore rig count fell by 6.7 percent to 362 over the same period.

The average U.S. rig count for March 2015 was 1,110, down 238 from the 1,348 counted in February 2015, and down 693 from the 1,803 counted in March 2014. The average Canadian rig count for March 2015 was 196, down 167 from the 363 counted in February 2015, and down 253 from the 449 counted in March 2014.

The Baker Hughes Rotary Rig Counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the United States, Canada and international markets.

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