Baker Hughes: oil drilling operations in the US have fallen to their lowest levels since July 2009

11 months ago

Baker Hughes oil and gas service company has published a report on the change in the number of active drilling rigs in the U.S. a week before May 15, 2020

According to the statistics published by Baker Hughes last Friday, the week before May 15:

  • the number of oil rigs has been reduced by 34 to 258..;
  • the number of gas installations has been reduced by 1 to 79 pcs;
  • the total number of units decreased by 35 to 339 units.

Thus, the number of active oil drillers has reached a new minimum since July 2009. The indicator has decreased by 62% since the beginning of 2020. During 2019, the indicator has been steadily declining since the beginning of January. At the end of last year, the number of active oil rigs decreased by 24.3%, falling from 855 to 677 units.

The absolute maximum number of oil drilling rigs in the USA was reached in October 2014. At that time, 1609 units were registered. Accordingly, since that time the number of active oil drilling rigs has decreased by 6 times.

Last Wednesday, the Energy Information Administration of the US Department of Energy published data on oil and oil products reserves. According to the report, oil production fell by 300 thousand to 11.6 million barrels per day over the week. At the same time, crude oil reserves decreased by 750,000 barrels, and gasoline reserves decreased by 3.5 mn barrels.

Oil prices finish trading on a positive note on Friday. Brent quotes +5.2% to $32.75 per barrel. Decrease since the beginning of the year is 50.4%. At the same time, the American oil WTI is getting cheaper this year by 51.3%. On Friday, it rose by 8% to $29.72 per barrel.

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