July 2010
News & Resources
Industry at a glance
Crude oil prices tumbled $18/bbl in the first three weeks of May before partially recovering by the month’s end. By early June, benchmark crudes were trading in a lower range of about $72–73/bbl.
Oil & Gas Industry Statistcs from World Oil Magazine's July's IssueCrude oil prices tumbled $18/bbl in the first three weeks of May before partially recovering by the month’s end. By early July, benchmark crudes were trading in a lower range of about $72–73/bbl. Total oil supply fell by an estimated 540,000 bpd to 85.9 million bpd in May, with lower non-OPEC output due to seasonal maintenance. However, IEA’s forecast for 2010 non-OPEC output is revised up by 0.1 million bpd to 52.3 million bpd amid slower-than-expected North Sea decline. The number of rotary drilling rigs increased slightly, both in the US, from 1,477 to 1,514, and internationally, from 1,263 to 1,303. US geophysical activity increased by three crews, while international geophysical activity remained unchanged. Efforts to contain and clean up the crude oil spill in the Gulf of Mexico following the Deepwater Horizon drilling accident continue. The cost of the spill response through mid-July amounts to about $2 billion, including claims paid.
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