The number of oil rigs in the United States rose a second week in row
July 13, 2015
The number of active oil rigs in the US for the week increased by 5 units to 645 units. On Friday the company said Baker Hughes Inc. Thus, the number of drilling rose a second week in a row. Previously, the figure was down 29 consecutive weeks. The number of drilling rigs in the United States, which is considered an indicator of activity in the oil industry, has fallen sharply since the collapse of oil prices in the past year.
Oil prices in March fell by almost 60% compared with the peak in June 2014, up to 6-year low. This decline was due to a sharp increase in oil production in the US and other countries, which led to oversupply in the global oil market.
Currently, the deposits of the United States is involved about 59% less drilling rigs than in October last year, when it reached a peak of 1,609 units. In late May, representatives of several companies producing oil shale deposits of the United States reported that they are willing to increase the number of oil rigs. It can signal their willingness to quickly increase production when oil prices rise.
According to Baker Hughes, the number of gas rigs in the reporting week declined by 2 units to 217 units. The number of offshore rigs increased by 2 points to 31 installations. However, this figure was 25 units less than a year ago. The total number of drilling rigs in the United States, including gas for the reporting week increased by 1 unit to 863 units.
July 13, 2015
Geonews.com based on "Oil of Russia"