The latest Baker Hughes rig count indicates a modest increase in oil rigs, rising by 2 to a total of 431, while total rigs reached 563. This marks a stark contrast to the peak of over 1,000 rigs in early 2019, highlighting the industry's significant shifts over recent years. The count averaged over 1,400 historically, with a peak of 1,083 in November 2018 due to high oil prices and robust shale production. However, by late 2019, the count had already begun to decline as oil prices softened and companies focused on capital discipline. The COVID-19 pandemic further exacerbated this trend, leading to a record low of 244 rigs in August 2020. A recovery occurred between 2021 and 2022, peaking at 784 rigs in December 2022, but since then, the count has slowly decreased. The current situation reflects the industry's ability to produce more oil with fewer rigs, thanks to advancements in horizontal drilling and completion technologies, despite ongoing challenges in maintaining rig numbers.