United States active oil rigs count sharply soar

Baku. 29 January. REPORT.AZ/ The number of active oil wells in the United States increased by 12 units (1.6%) from January 22 to 26 and reached 759.

Report informs referring to the Baker Hughes.

According to the information, during the reporting week the number of active gas wells decreased by 1 (0.53%) and made 188. Finally, the total number of operating oil and gas wells increased by 11 or 1.17% and reached 947.

Compared with the same period in 2017, the number of active oil wells in the United States increased by 193 (34,1%), the number of active gas wells by 43 (29,66%), the total number of operating oil and gas wells increased by 235 (33%).

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 7 years. At present, the number of active oil wells is at least 2.4 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 52.8% below the record high.

Notably, oil production in the U.S. increased by 128,000 barrels (1.31%) and reached the record high - 9.878 mln bbl/day during January 13-19 week. During the next week US oil production not expected to exceed 10 mln bbl/day.

During the reporting period, the number of active oil wells in Canada increased by 12 (5.77%) up to 220, while the number of active gas wells increased by one or (0.85%) up to 118. Notably, last week, the number of active oil wells in Canada increased by 23 units or 12.4% up to 208, while the number of active gas wells increased by 26 or 28.6% and reached 117. Two weeks ago, the number of active oil wells in Canada increased sharply by 87 or 88.8% up to 185 and the number of active gas wells increased by 15 or 19.7% and made 91.

Analytical Group of Report believes, oil price will fluctuate between 55-73 USD in the next 3-6 months.