Industry at a glance

Vol. 224 No. 2 Venezuelas strike affected both global oil prices and production for December. The work stoppage also crippled the countrys economy, with 73% of its crude production slashed. A group led by th

	Vol. 224 No. 2

Venezuela’s strike affected both global oil prices and production for December. The work stoppage also crippled the country’s economy, with 73% of its crude production slashed. A group led by the US and Brazil began a mediation process between Venezuelan President Hugo Chavez and the opposition. Meanwhile, US oil production climbed more than 2% for the month. Reacting to several stimuli, oil price futures soared 20% in December. Prompted by the loss of Venezuelan imports and threats of potential war with Iraq, Arabian Light prices rose 15.2% while Brent Blend prices shot up nearly 19%. Drilling rig activity in the US increased 2.6% from November’s level, but it was still down 5% from the same period in 2001.

	Monthly U.S. Gas Prices & Trends Graph		World Oil Production Table
	U.S. Geophysical Activity Table		Selected World Oil Prices Graph
	U.S. Rotary Drilling Rigs Graph		International Geophysical Activity Table
	U.S. Rotary Drilling Rigs Table		International Rotary Rig Graph
	Workover Rig Graph		International Rotary Rig Table
	Workover Rig Table		International Offshore Rigs Table

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