Industry at a glance

Vol. 232 No. 5

Spot crude oil prices jumped 10–15% in March, as outages from Libya and mounting unrest throughout the Middle East and North Africa offset a seasonal drop in refinery runs. At the end of March, both Brent and WTI hit one-year record highs, of $114.64/bbl and $102.86/bbl, respectively. Global oil supply fell by 670,000 bpd to 86.81 million bpd in March, largely due to output decreases in Libya, Nigeria and Iraq. Henry Hub gas prices fell below $4/Mcf for the first time since November, with shale gas development bringing more lower-priced gas to the wellhead. The international rig count fell by 6.6% in March, with the biggest losses in Africa and Canada. The US rig count remained flat for the third month in a row.

Monthly US Gas Prices and Trends Graph		World Oil Production Table
Seismic Crews Working in US Table		Selected World Oil Prices Graph
US Rotary Drilling Rigs Graph		Seismic Crews Working Internationally Table
US Rotary Drilling Rigs Table		International Rotary Rig Graph
Workover Rig Table		International Rotary Rig Table
US Oil Production		International Offshore Rigs Table

FROM THE ARCHIVE