Industry at a glance

Henry Terrell / Contributing Editor

Following OPEC’s decision to keep the taps open, in an effort to preserve market share, crude oil prices worldwide accelerated their downward spiral. Brent Blend dropped below $80/bbl in November, while WTI fell into the mid-$70s range. Interestingly, the price spread on the major world crude markets has narrowed to single digits. Global liquids consumption remained weak, due partly to seasonal refinery demand, although it rose slightly in October to 93.6 MMbopd. Natural gas prices slipped modestly ahead of expected winter demand, holding steady at just under $4/MMBtu on the Henry Hub. The U.S. rotary rig count remained flat at 1,925 units running, while the international count rose slightly to 1,736.

US Gas Prices ($/MCF) and Production (BCFD) Graph		World Oil Production Table
US Rotary Drilling Rigs Graph		Selected World Oil Prices Graph
US Rotary Drilling Rigs Table		International Rotary Rig Graph
Workover Rig Table		International Rotary Rig Table
US Oil Production		International Offshore Rigs Table
U.S. Onshore Well Count

About the Authors

Henry Terrell

Contributing Editor

Henry Terrell henry.terrell@gulfpub.com