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Main » 2016 » March » 12 » The number of drilling rigs in the United States near 70-year low
The number of drilling rigs in the United States near 70-year low

According to the report of the industrial group Baker Hughes, released on Friday, the number of active drilling rigs for oil and natural gas in the US fell sharply to a record low level in the period since 1949.



This trend is a reflection of the sharp decline in activity in the US energy industry, caused by oversupply in the world market. Last month, oil prices have reached a 13-year low of $ 26 per barrel. Today, oil is trading near the mark $ 39 per barrel. The cost of natural gas remains near 17-year lows.

According to Baker Hughes, last week, the total number in the US active rigs fell to 480 units, up 57% compared to the same period last year. Previously, the record low was set in 1999.


In recent months, the number of oil rigs reduced incredible pace. Just last week, according to Baker Hughes, the number of oil rigs fell by six to 386, the lowest figure since 2009.

In November 2011, when oil was trading near $ 100 per barrel, the rig count was 2,026 units.

Against the backdrop of the collapse in oil prices in the US oil industry there is a significant drop in activity - production of shale oil is more expensive, so for profit shale oil producers need higher energy prices.

Despite the fact that the trend of reducing the number of oil rigs has been observed since the end of 2014, the actual volume of production remains stable. This is due to the fact that oil companies are increasing production more active rigs and focus on the most cost-effective projects.

In December, the US produced 9.26 million barrels of oil, an increase of 2% compared with the same period a year earlier, and by 4.5% in comparison with reached in April 2015 peak.


A source


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