27 February 2015

What’s going on with Saudi’s rig count?

While all eyes are on US oil production stats, notably from shale, we take a brief look at Saudi oil production trends. Saudi’s rig count stayed broadly flat from 1997 to 2005 then increased sharply in the 2005-06 period. This can be explained by the expansion of Aramco’s oil capacity to 12mmbbl/d from 2006 to 2010, as well as a new focus on exploration.