Number of global oil rigs 1975-2021

The average number of oil rigs worldwide decreased between 1975 and 2021. In the latter year, figures averaged 1,361 units. This was only a marginal increase compared with 2020, when the coronavirus pandemic brought about an oil crisis due to falling demand. The peak number was recorded during the oil boom in 1981, at 5,624 units. North America is the region with the greatest number of oil and gas rigs, the vast majority of which are on land.

Marketed supply of offshore rigs

The total number of global offshore oil rigs was 680 in January 2022, of which nearly 500 were marketed and contracted. Offshore oil rigs or platforms enable producers to extract and process oil and natural gas through drilled wells. They may be used in both lakes and oceans and are either anchored directly onto the seabed by concrete or steel legs, or by tension-leg platforms that float but are tethered to the seabed.

Global oil production

Global oil production reached 88.4 million barrels per day in 2020. Although having been impacted by the pandemic, economic recovery among returning consumer demand noted throughout 2021 is expected to have rallied production output. Oil production figures include crude oil, shale oil, oil sands, and natural gas liquids.