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U.S. oil rig count falls for first time in 12 weeks

Baku, January 16, AZERTAC

The number of active oil and gas rigs in the United States dipped on Friday by 6 for a total of 659 active rigs, according to oilfield services provider Baker Hughes, which is 9 rigs above the rig count last year, according to oilprice.com.

The number of oil rigs decreased 7 from 529 to 522, while the number of active gas rigs increased from 135 to 136 for a single-rig gain.

This week marks the first week in the last 12 that the number of oil rigs has decreased, and 10 straight weeks of gas rig increases.

Drillers in the United States have been slowly but steadily increasing the number of active drilling rigs in line with higher oil prices, particularly since the OPEC agreement on November 30 that saw OPEC agree to cut back production to 32.5 million bpd. This upward trend in the number of active rigs is expected to continue overall, barring any glitches in OPEC's promise to make good on the production cut deal solidified in November.

The number of active oil rigs is still well below 2014 figures, when the number of oil rigs operating in the United States sat comfortably above 1,500.

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