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The Baker Hughes Oil Rig Count is a weekly census of the number of active drilling rigs for oil in North America. It is considered a significant business barometer for the drilling industry and a leading indicator of future oil supply. When rig counts rise, it suggests that oil producers are increasing activity, which could lead to higher production levels in the coming months.
Baker Hughes collects data from drilling contractors and operators. A rig is counted as active if it is on location and 'spudded' (commenced drilling) during the reporting period.