The number of rigs actively exploring for or developing oil or natural gas in the United States is up 10 percent from last year, Baker Hughes said Friday.
The oil services company released its rig counts for October, reflecting the number of rigs in service in the upstream sector. For October, there were 1,925 rigs active in the United States, five less than the previous month, but 181 more than in October 2013.
The U.S. government says it's producing more oil than it imports for the first time in nearly two decades. President Barack Obama set a goal in 2012 to cut imports by half by 2020, but the White House expects to meet that goal six years ahead of schedule.
Higher oil production in the United States means lower imports. For the first nine months of 2014, the United States imported an average 7.4 million barrels per day of crude oil, down from the 8.7 million bpd reported during the same period in 2012.
A slump in global oil prices has raised concerns that productivity may slow because it may no longer be economical to drill.
Baker Hughes found the international rig count for October was down seven from the total counted for September, but up 10 year-on-year.
