World Oil & Gas Rig Count

The global active rig count shows a clear cyclical pattern over the past decade, with a strong recovery from the 2020 collapse followed by a gradual slowdown starting in mid-2023. After peaking near 1,900 rigs in early 2023, activity has steadily softened as investment and drilling momentum cooled across several regions. Throughout 2024 and into 2025, the numbers continue drifting downward, reflecting a more cautious operating environment and uneven demand signals. The most recent data point — 1,619 rigs in July 2025 — reinforces this trend, marking a continued step back from the highs of the post-pandemic rebound. While far above the 2020 lows, the latest figure suggests that the industry is settling into a slower expansion phase, with operators prioritizing efficiency and capital discipline over aggressive rig deployment. Source: Baker Hughes