US oil and gas rigs count up again

Baku. 7 November. REPORT.AZ/ The number of rigs exploring for oil and natural gas in the U.S. increased by 12 this week to 569.

A year ago, 771 rigs were active. Depressed energy prices have sharply curtailed oil and gas exploration.

Report informs, Houston oilfield services company Baker Hughes Inc. said Friday that 450 rigs sought oil and 117 explored for natural gas this week. Two were listed as miscellaneous.

Compared to the same period last year the number of oil wells, decreased by 122 units, or 21.3%, while the number of gas wells by 82 units, or 41.2% and the total number of oil and gas wells declined by 202 units or 26.2%.

Notably, as of May 25 this year the 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 42,4% than the minimum limit. The figure reached a record level in October 2014 with 1 609 units. Currently, the number of wells by 72% lower than the record limit.

Analytical Group of Report believes, if there will not be an unexpected event or a statement from a producer, oil prices will continue to fall.

Presidential elections in US tomorrow will have a significant impact on oil prices.