U.S. active oil rig count began to rise again

Baku. 12 August. REPORT.AZ/ Total number of operating oil and gas wells in the United States decreased by 5 or 0.52% up to 949 units during the week from August 5 to August 11.

Report informs citing the Baker Hughes. After a 23-week consistent rise over the past 7 weeks the number of active oil and gas wells showed decrease 4 times, once showed stability and twice growth. As a result, Oil production in the US decreased by 7,000 bpd or by 0.07 % to 9,423 mln bpd.

In the last reporting week, the number of active oil wells increased by 3 or 0.39% up to 768 units, the number of gas wells decreased by 8 or 4.23% up to 181 units, while the number of mixed operating wells had not changed and remained 0.

Compared to the same period last year, the number of oil wells in US increased by 372 or 93,9%, while the number of gas wells up by 98 or 118,1%, and the overall number of oil and gas wells increased by 468 units or 97,3%.

Notably, as of May 25 this year the number of oil wells in operation in the US was 316 units, that is the minimum limit for last 7 years. Currently, the number of active oil wells is more by 2,43 times than the minimum limit. The figure reached a record level in October 2014 with 1 609 units. Currently, the number of wells by 52,26% lower than the record limit.

Analytical Group of Report noted that, the price of oil 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".