US oil-rig count rises again

Baku. 10 July. REPORT.AZ/ The total number of operating oil and gas wells in the US increased by 12 units or 1.28% during July 1-7 week and reached 952. Notably, the number of active oil and gas wells in the United States has dropped by one following a 23-week consistent rise.

Report informs citing the Baker Hughes, the number of active oil rigs increased by 7 or 0.93% amounting to 763 units, the number of gas wells increased by 5 unit or 2.71% and amounted to 189 units, the number of mixed operating wells has not changed and remains 0. Compared to the same period last year, the number of oil wells in US increased by 412 or 121,7%, while the number of gas wells up by 101 or 114,8% and the overall number of oil and gas wells increased by 512 units or 116.4%.

Notably, as of May 25, 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 2,41 times. The figure reached a record level in October 2014 with 1 609 units. Currently, the number of wells by 52,5% lower than the record limit.

Analytical Group of Report News Agency believe, price of oil expected to fluctuate in 45-55 USD/barrel range within the next 3-6 months: “Approach to 45 USD/barrels will lead to a slowdown in growth of the number of active oil wells in the US. The price of $ 55 per barrel will cause oil wells to be activated”.