Industry at a glance
Despite the fact that Iraqi production has increased more than 300% since April, increasing by 50% in both June and July, it still only constitutes 2.2% of all OPEC production. US oil & NGL production is down 5% from March, continuing to drop for the fourth consecutive month. Overall OECD production dropped substantially below their 2001 and 2002 averages, while Non-OECD production remains flat. US rig counts have continued to rise since January. Rotary rigs outside the US increased sharply in the last two months after reaching an
annual low in May. International offshore rig utilization increased over last year’s percentages in the Gulf of Mexico and worldwide, excluding Europe and the
Mediterranean. Meanwhile, geophysical activity decreased when compared to this time last year. |
