Saudi Oil Rigs Slump to Lowest in 20 Years, Outpaced by Gas

Saudi Arabia’s active oil drilling units declined for a sixth straight month, reaching the lowest level in over two decades, as investments in natural gas projects gain momentum.

Saudi Arabia’s oil rig count fell to 20 in July from 46 in early 2024, the lowest since February 2005, according to Baker Hughes data. The number has been on an 18-month downward trajectory, following Riyadh’s decision to scrap plans to boost Aramco’s capacity to 13 million barrels a day, keeping it at 12 million instead.