Active oil rig count tops 900 in the United States

Baku. 22 May. REPORT.AZ/ The number of rigs drilling of oil and natural gas throughout the country increased by 16 or 1,81% on May 12-18 and reached 901.

Report informs citing the Baker Hughes, the number of active oil rigs during the reporting week increased by 8 or 1.12% and reached 720 units. One rig was listed as "miscellaneous."

Compared with the same period last year number of oil wells increased by 402 or 126%, gas wells by 95 95 units or 112%, while the overall number of oil and gas wells increased by 497 units, or 123%.

Notably, the number of oil wells in operation in the US as of May 25 was 316 units last year, and the minimum limit of last 7 years. Currently, the number of active oil rigs is 2.28 times higher than the minimum threshold. This indicator reached record level in October 2014 and made 1 609. Currently, the number of wells 55.2% lower than the record level.

Analytical Group of Report noted that, over the next 3-6 months the price of oil expected to fluctuate between $ 45-60 / barrel range.In this case, the number of active oil wells in United States will continue to rise. This in turn, will lead to an increase in production.