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Crude oil prices continued their general upward trend in February, as unforeseen production problems in some non-OPEC countries put a squeeze on supply, along with continued political uncertainties related to Iraq. Brisk worldwide drilling activity kept rig counts rising internationally, while rig counts in the U.S. took a breather, falling below 2,000. However, North Dakota’s Bakken shale play saw drilling continue to accelerate. This month, we have discontinued reporting seismic activity. Regrettably, useful data have become too difficult to obtain. In its place, we have begun a new chart, tracking worldwide crude supply and demand.
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