The number of oil drilling towers, which are regarded as an indication of the US oil industry outlook and short term crude oil production, reached 763 in the week ending July 3-7.
According to the weekly data released by Baker Hughes, one of the world’s largest oil service companies, the total number of oil platforms has increased to 763, while seven oil drilling towers have been serviced this week in the American Petroleum industry. The number of Oil drilling towers in the US increased by 24 per cent in the last 25 weeks, while the oil drilling rig of 522 in January increased by 46 per cent in the last 25 weeks.
The number of oil drilling towers in the US was at the highest level in the history of the country in October 2014 with a low of 609. Low Oil prices declined by 316% in May last year, with an adverse effect on the American Petroleum industry.
Moreover, U.S. Crude Oil production also increased in the last 20 weeks to 17 years. According to US Energy Information Administration (EIA) data announced, US crude oil production, which decreased to an average of 8.45 million barrels a day in October last year, rose to 17.3 million barrels last week, and an average of 9.34 million barrels a day.
According to EIAN’s “Short Term Energy Outlook Report” in June, US crude oil production is expected to average 9.3 million barrels per day this year and 10 million barrels next year. Crude Oil prices increased on the global market after US oil rigs increased in number.
After the announcement of Baker Hughes data, the price of the most commonly used London Brent oil has declined by 3.1 percent to $ 46.55, while the price of US West Texas oil declined by 3.1 percent to $ 44.05 per barrel.