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The average number of oil rigs worldwide decreased between 1975 and 2024. In the latter year, figures averaged units. This was the lowest figure since 2021. The peak number was recorded during the oil boom in 1981, at 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 *** in January 2024, of which *** 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 **** million barrels per day in 2023. This was up from ** million barrels the year before, which showcased the continued demand for oil products. Oil production figures include crude oil, shale oil, oil sands, and natural gas liquids.