*Latest Rig Count data from Baker Hughes show drilling activity in key Middle East countries continuing to edge higher.
*Saudi Arabia, the region’s top drilling market, had an average of 70 active rigs for January, up five from December for a 16-month high. A key focus of Saudi Aramco’s rising investment has been to boost gas output (MEES, 10 December 2021), so it is perhaps no surprise the number of active rigs targeting gas has risen more rapidly than oil-focused drilling. The country’s 38 gas rigs are 54% of the total (see chart 1). (CONTINUED - 207 WORDS)
