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Saudi Arabia's oil rig count has reached a 20-year low, with just 20 operational rigs in July 2023, down from 46 in early 2024. This marks the sixth consecutive month of decline, the lowest level since February 2005, as reported by Baker Hughes.

The decrease reflects a strategic shift by the Saudi government to maintain its oil production capacity at 12 million barrels per day, opting against an expansion to 13 million. This transformation signals a significant change in the Kingdom's energy approach amidst evolving global dynamics.