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The US rotary rig count dropped drastically in December to 1,782 from 1,935 in November. The international rig market has remained relatively stable at 1,539, down slightly from the previous month.
WTI averaged $41.12 per bbl for the month, down almost $100 from the extreme highs of last June. Natural gas prices appeared to make a comeback in November, but have dropped back down in December to $5.37 per Mcf.
December global oil supply remained steady at 85.67 million bpd. OPEC production fell by 330,000 bpd, but Saudi Arabia appears to be one of the few members of OPEC abiding by the cuts announced on Dec. 17, decreasing production by 440,000 bpd. Iran and the United Arab Emirates increased production by over 100,000 bpd each. Brazil had a 160,000-bpd increase in December to 2.38 million bpd, the largest increase overall for the month.
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