US oil and gas rigs count up

Baku. 12 November. REPORT.AZ/ Total number of rigs exploring for oil and natural gas in the U.S. decreased by 1 or 0.18% and counted 569 to November 5-11.

Report informs citing Baker Hughes, during the reporting week, rig count up 2 or 0.44% and was 452, gas rig count down 2 or 1.71% and was 115, total number of oil and gas rigs down 1 and counted 1. Compared to the same period last year, oil rigs count down 122 or 21.3%, gas rigs 78 or 40.4%, totally, oil and gas rigs down 199 or 25.9%.

Notably, US oil rigs were 316 to May 25 this year, which means the last 7 years minimum. Currently, active oil rigs count more by 43% than minimum. This figure reached a record level in October 2014 and was 1 609. Now, rigs counted lower by 71.9% than the record.

Analytical Group of Report News Agency believes, increase by oil-producing countries in October has raised supply in the oil market by more 800 000 barrel and made 97.8 mln barrel per day. Currently, oil market participants awaiting next OPEC summit outcome, in Vienna on November 30. Oil prices forecasted down to 35 USD/barrel, if no decision on production cuts.