U.S. active oil rigs count decreased again

Baku. 12 March. REPORT.AZ/ The number of active oil wells in the United States decreased again after 7-week break. Thus, the number of wells decreased by 4 units or 0,5% and made 796. Report informs citing the Baker Hughes.

Notably, in the previous week, the number of active wells increased by one unit.

During the reporting period, the number of active gas wells in the country increased by 7 units or 3.87% and reached 188 units. Finally, the total number of operating oil and gas wells increased by 3 or 0,3% and amounted to 984 units.

Compared to the same period of the previous year, the number of active oil wells in U.S. increased by 179 units or 29.01%, the number of active gas wells gone up by 37 or 24.5%, the total number of operating oil and gas wells increased by 216 or 28,13%.

Notably, on May 25, 2016, the number of active oil wells in the United States was 316, which is the minimum limit for the last 8 years. At present, the number of active oil wells is 2.52 times more than the minimum. This figure was at record levels in October 2014 with 1 609 units. At present, the number of wells is 50.5% below the record high.

Oil production in U.S. increased by 86,000 barrels or by 0,84% from February 24 to March 2, and hit the record level of 10,369 mln. bbl / day.

Analytical Group of Report believes, the price of oil is expected to fluctuate in 55-73 USD/barrel range within the next 6 months.