Oil
US oil rig count rises for ninth week in a row
- Industry added 14 oil rigs this week

Oil rig count in the U.S. has increased for the ninth consecutive week, oilfield services firm Baker Hughes data showed Friday.

Number of oil rigs in the country rose by 14 to reach 631 this week, the company said. Last week, oil rig count increased by eight.

This is the highest level in total oil rig number since September 2015, according to the data. It is also 244 more over the number of oil rigs during this time last year.

However, the oil rig count is still 61 percent lower when it reached a peak level of 1,609 in October 2014.

As OPEC and Russia froze their output levels at the beginning of January, crude prices have increased significantly, thus giving more incentive for American oil producers to bring more rigs online and ramp up output.

U.S. oil production rose 21,000 million barrels per day (bpd) to 9.11 million bpd for the week ending March 10, the Energy Information Administration (EIA) data showed Wednesday.

EIA forecasts U.S. crude production to average 9 million bpd this year, and 9.5 million bpd in 2018, according to its Short-Term Energy Outlook report for February.

By Ovunc Kutlu in New York

Anadolu Agency

ovunc.kutlu@aa.com.tr

18 Mar,2017
OIL NEWS