Baku. 7 August. REPORT.AZ/ The total number of oil and gas wells operating in the United States (US) has dropped by 4 units or by 0.52% during August 19-25, making up 759 units. The total number of operating oil and gas wells in the US decreased by 6 units or by 0.63% during the reporting week and made 949. Notably, the number of active oil wells decreased by 5 points or 0.65% last week.
Report informs citing the US Baker Hughes.
Notably, the number of active oil wells in the US fell for sixth time in nine weeks, once remained stable and twice increased after 23 weeks of consistent rise. Nevertheless, oil production in the US increased by 26,000 bpd or 0.27% and amounted to 9,502 mln bpd.
Compared to the same period 2016 the number of active oil wells increased by 353 (86.9%), gas wells by 98 (122.2%) and the overall number of oil and gas wells increased by 451 units (92,2%).
Notably, as of May 25, the number of oil wells in operation in the US was 316 units, that is the minimum limit for the last 7 years. Currently, the number of active oil wells is more by 2,4 times than the minimum limit. The figure reached a record level in October 2014 with 1 609 units. Currently, the number of wells by 52,8% lower than the record limit.
Analytical Group of Report believes, the price of oil is expected to fluctuate in 45-55 USD/barrel range within the next 3-6 months. “Oil price around 45 USD/barrel may delay the increase in the number of active oil wells in the US. Oil price at $ 55 per barrel can speed up the number of wells".