US oil production remains close to record level

Baku. 25 September. REPORT.AZ/ The active oil rigs count in the United States decreased by 5 points or 0.67% and amounted to 744 during September 16-22 week. The total number of operating oil and gas wells in the U.S. decreased by 1 point or by 0.11% during the reporting week and made 935. Notably, the number of active oil wells dropped by 7 or 0.93% last week. Notably, the decline in the number of active oil wells continues for the sixth consecutive weeks. Report informs citing the Baker Hughes.

Notably, the number of active oil wells in the U.S. has decreased eight times during the last 13 weeks, once showed stability, and increased four times after a 23-week consistent raise.

Compared to the same period last year, the number of oil wells decreased by 326 or 78%, the number of gas wells by 98 or 106.5%, and the total number of oil and gas wells declined by 430 units or 83%.

Notably, as of May 25, 2016, 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 2,35 times than the minimum limit. The figure reached a record level in October 2014 with 1 609 units. Currently, the number of wells by 53,76% lower than the record limit.

Analytical Group of Report News Agency believe, over the next 3-6 months oil prices expected to fluctuate at $45-60/barrel range. “Approximation of oil prices to $ 45 per barrel may slow the growth in active oil rig count in the US, and the price increase to $ 55, on the contrary, may accelerate it”. Now the reason for the reduction in the number of active oil wells are hurricanes. A sharp increase in their numbers expected in a short period of time.

Notably, on August 11, 2017, the number of active oil wells in the US reached 768 and currently the number of active wells is 24 or 3.1% below this level. Despite the decline in the number of active oil wells, oil production in the United States is estimated at 9.53 mln bpd which is close to record level in 2017.

At present, oil production in US estimated at 9.51 mln bpd. Notably, record high oil production in the United States amounts to 9.61 mln bpd.