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

Baku. 31 July. REPORT.AZ/ The total number of active oil and gas wells in US increased by 8 units, or 0,84% on July 22-28 and amounted to 958.

Report informs citing the Baker Hughes, the number of active oil and gas wells in the US has dropped twice in the last month and once demonstrated stability after a 23-week consistent rise.

During the last reporting week, the number of active oil wells increased by 2 or 0.26% up to 766 units, the number of gas wells increased by 6 or 3.23% up to 192 units, while the number of mixed operating wells has not changed.

Compared to the same period last year, the number of oil wells in US increased by 392 or 104,5%, while the number of gas wells up by 106 or 2,23 times and the overall number of oil and gas wells increased by 495 units or 2,07 times.

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 2,42 times than the minimum limit. The figure reached a record level in October 2014 with 1 609 units. Currently, the number of wells by 52,4% 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 4-6 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".