Active oil and gas rigs count soar in Canada

Baku. 15 January. REPORT.AZ/ Price of Brent oil hitting $ 70/bbl on the world market has also affected the Canadian oil and gas sector along with the United States.

Report informs, the Baker Hughes weekly report said on January 8-12, active oil and gas rigs in Canada increased by 102 units (58.6%) and reached 276.

During reporting period, the number of active oil wells in Canada increased by 87 or 88.8% to 185 and number of active gas wells increased by 15 or 19.7% and reached 91.

Notably, last week, the number of US active oil wells increased by 10 or 1.3% and reached 752, which is by 2.1% below maximum level at 768. On May 25, 2016, the number of active oil wells in the United States was 316, which means the minimum limit for last 7 years. At present, the number of active oil wells is at least 2.38 times more than the minimum. This figure reached record levels in October 2014 and made 1 609 units. At present, the number of wells is 53.3% lower than the record high.

Analytical Group of Report News Agency believes, recent increase in US and Canadian oil sector activity will have a positive impact on production and prices are likely to decline. However, it is not excluded that the Brent crude oil price may go down to $ 60/barrel.