By Sebastine Obasi

Nigeria recorded plus one in the month of October, as its rig count increased to 34 as against 33 recorded in September, data from the 14 – member Organisation of Petroleum Exporting Countries (OPEC), showed.

oil rig

This is coming at a time OPEC as a whole recorded an increase of 10, having had 568 rig count, as against 558 recorded in September, while world rig count had an increase of 14, as it recorded 2,355 in October as against 2,341 recorded the previous month.

Leading the pack of gainers in the OPEC cartel is Saudi Arabia, which had plus six, having had 155 in October as against 149 recorded previously.

On the heels of Saudi Arabia are the United Arab Emirate (UAE) and Venezuela, which had a tie at plus two.

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While UAE had a rig count of 58 in October, as against 56 in September, Venezuela had 69 as against 67 recorded within the period under review.

The central African nation of Gabon and the Arab nation of Iraq also had a tie, having recorded plus one each.

While Gabon had a rig count of four in October, as against three in September, Iraq had 60 in the month of October as against 59 previously recorded.

Seven other nations, Angola, Ecuador, Equatorial Guinea, Iran, Kuwait, Libya and Qatar did not record any change in their rig count.

They had 4, 8, 1, 61, 50, 9 and 9 respectively within the period under review. The North African nation of Algeria was the only loser within the cartel. It had minus three, as it recorded 46 in October, against 49 recorded in September.

Non OPEC rig count increased by four, as it recorded 1,787 in October against 1,783 recorded in September.

The United States had its increase by 10, having recorded 1,063 as against 1,053 recorded within the period under review, while its neighbour, Mexico had its rig count increased by two, having recorded 35 as against 33 recorded within the period under review.

The United Kingdom had no change as its rig count remained at seven. However, Canada had minus 10. Its October record showed 192 as against 202 recorded in September.


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