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Number of US oil rigs jumps 42 percent in 2017
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 Arab and international |
Economy News Baghdad: The number of oil rigs operating in the United States jumped about 42 percent by the end of 2017 compared to the same period last year as oil companies increased spending amid the rebound in crude prices, data from Baker Hughes Energy Services showed. The oil drilling companies maintained for the second consecutive week the number of rigs stabilized at 747 in the week ending December 29. This figure is 222 higher than the number of rigs at the end of 2016 of 525. The number of oil rigs, an initial indicator of future crude production, remained unchanged in December after it increased by 10 in November. It dropped by three in the fourth quarter after falling by six in the third quarter. US crude prices closed above $ 60 a barrel for the first time since mid-2015 at the end of the 2017 trading session, ending the year with 12 percent gains, supported by strong demand and global inventories. In total, as of 29 December, the number of active oil and natural gas rigs reached 929, an increase of 41 percent from 658 at the end of 2016. The number of drilling rigs operating this year was 876, compared with 509 in 2016 and 978 in 2015. Most of the excavators produce oil and gas. The US Energy Information Administration said crude production in the United States in October hit a record high in more than 46 years with a rise of 167 thousand barrels per day to 9.64 million barrels per day. |
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