But in contrast, the report showed Saudi Arabia had 72 active rigs during the period under review, the United Arab Emirates (UAE) had 50 operational rigs while Iraq had 55 during the month. For non-OPEC countries, the United States led with 763 oilrigs while Canada and Mexico had 93 and 43 active rigs respectively. For non-OPEC countries, the United States had 763 oilrigs in September, while Canada and Mexico had 211 and 51 active rigs respectively. It came as Angola, Algeria and Libya have overtaken Nigeria as Africa’s highest crude oil producers, according to the cartel’s Oil Market Report (OMR) for October. Aside the positive correlation between number of rigs and oil production, there are also many jobs attached to rigs when they are operational, meaning less rigs, less jobs in the oil sector.

Source: Libya Today October 18, 2022 10:50 UTC