Sharp growth in number of active oil wells predicted in US

Baku. 18 September. REPORT.AZ/ The number of active oil wells in the US decreased from September 9 to September 15 by 7 units, or 0.93% and made 749.At the same time, the number of active oil and gas production facilities fell by 3 units or 0.4% last week.

Report informs citing the Baker Hughes report.

Notably, the number of active oil wells for 12 weeks after the 23-week continuous growth was reduced 7 times, once it remained stable, 4 times showed growth.

In annual terms, the number of oil wells increased by 333 units or 80%, gas by 98 units or 109%, in general, oil and gas production facilities by 430 units or 85%.

Notably, on May 25 last year the number of operating wells reached 316 units, which is a seven-year minimum. Now the number of active oil installations exceeds the minimum indicator by 2.37 times.This figure reached a record level in October 2014 and amounted to 1,609 units. Now the number of installations 53.45% below the record level.

Analytical Group of Report forecast, fluctuation of oil prices in the range of 45-60 USD/barrel in the next 3-6 months: “Approximation of oil prices to $ 45 per barrel may slow the growth in active oil rig count in the US, and the price increase to $ 55, on the contrary, may accelerate it”. Now the reason for the reduction in the number of active oil wells are hurricanes.From this week we can expect a sharp increase in their numbers.