US active oil rigs increase by 21 units

Baku. 27 March. REPORT.AZ/ Active oil rigs in the US up by 20 or 2,53% from March 18 to 24 and made 809.

Report informs citing the US Baker Hughes, drillers added 21 oil rigs, increasing by 3,33% in the reporting week bringing the total count to 652. Number of gas rigs up by 2 or 1,27% and made 155. Mixed oil and gas wells increased by 1 and made 2 rigs. Compared to the same period of 2016, oil rigs up by 280 or75,27%, gas rigs by 63 or 68,48%, totally, oil and gas rigs increased by 345 or 74,35%.

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 92,72% than the minimum limit. The figure reached a record level in October 2014 with 1 609 units. Currently, the number of wells by 59,48% lower than the record limit.

Analytical Group of Report News Agency believes, over the next 3-6 months oil prices expected to fluctuate at $50-65/barrel range. In this case, US will continue to increase the number of active oil rigs. This in turn will lead to an increase in production.