Active oil rigs in US increased by 2 percent

Baku. 19 December. REPORT.AZ/ Active oil rigs in the US up by 13 or 2.08% from December 10 to 16 and made 637.

Report informs citing the US Baker Hughes, drillers added 12 oil rigs, increasing by 2.41% in the week to December 16, bringing the total count to 510. Number of gas rigs up 1 or 0.8% and made 126. Oil and gas wells number remains stable, 1 rig. Compared to the same period of 2015, oil rigs down by 31 or 5.73%, gas rigs by 42 or 25%, totally, oil and gas rigs by 72 or 10.16%.

Notably, the Baker Hughes oil rig count plunged from a record 1,609 in October 2014 to a six-year low of 316 in May as U.S. crude prices collapsed from over 107 USD a barrel in June 2014 to near 26 USD in February 2016. Currently, number of active oil rigs is 61.4% higher than minimum. Number of rigs lower by 68.3% than the record.

The Analytical Group of Report News Agency notes that the OPEC summit in Vienna on November 30 adopted a decision to cut oil production. Oil prices are forecasted to change around 50-60 USD per barrel in coming 3-6 months. So, significant increase will continue in number of US active oil rigs. This, in turn, will lead to increase in production.