Baker Hughes: U.S. rig count increasing

The number of rigs actively exploring for oil and natural gas in the United States was up more than 2.5 percent in March year-on-year, Baker Hughes said Monday.

Oil services company Baker Hughes released its rig count for March. The average count for the United States was up 34 from the 1,769 counted in February and up 47 from March 2013.

In its latest assessment, the U.S. Energy Information Administration said more than 90 percent of the active rigs were spinning onshore. More than 80 percent were targeting crude oil reserves.

The United States had more active rigs counted than any other region in the world, according to Baker Hughes. U.S. oil production is expected to reach 8.4 million barrels per day this year, an increase of nearly 1 million bpd from the previous year.

The oil services company said the Canadian rig country for March was down 15 year-on-year. The international rig count was up for most regions, with Latin America accounting for most of the increase.

Baker Hughes rig counts asses the number of rigs actively exploring for or developing oil or natural gas in the world.