…As OPEC’s declines by 2

By Sebastine Obasi

There was no change in Nigeria’s rig count as it remained at 27 in June and May, 2017, while the Organisation of Petroleum Exporting Countries, OPEC, rig count declined by two, as it recorded 566 in June against 568 in May, data from OPEC, obtained by Vanguard shows.

Source: Baker Hughes

Among the14 OPEC members, only Algeria recorded a significant increase of four in June, as it had 57, against 53 recorded the previous month.

This was followed by United Arab Emirates, UAE, which added one from the 50 it had previous month, while Kuwait also had an increase of one, having recorded 56 in June, as against 55 recorded in May.

Three countries recorded decline in their rig count within the period under review. Leading the pack was Venezuela which had a dropped five, having recorded 91 in June, as against 96 in May.

This was followed by Ecuador, which had minus two, having recorded seven in June, as against nine recorded the previous month.

Equatorial Guinea, Gabon, Iran, Iraq, Libya, Qatar, and Saudi Arabia were in the same rank with Nigeria.

However, world rig count increased by 106, as it recorded 2,121 in June, as against 2,015 recorded in May.

Also Non-OPEC rig count increased by 108, having recorded 1,555 in June, as against 1,447 recorded the previous month.

African oil producing countries recorded minus one in their rig count within the period under review, having recorded 17 in June as against 18 previously.

Countries from the Latin America region had the highest increase of eight, having recorded 70 in June as against 62 recorded previously.

They were followed by the Middle East countries, which had an increase of four. They had a rig count of 78 in June as against 74 in May.

Other Asian countries had an increase of one, as they recorded 180 as against 179 recorded within the period under review.

United States of America had an increase of 38, as the nation also recorded 931 in June as against 893 recorded the previous month.