Industry at a glance

Henry Terrell / Contributing Editor

U.S. oil production continued its steady climb at the end of 2013, staying firmly above 8 MMbpd, a 14.3% year-over-year increase. The price of West Texas Intermediate climbed to over $97/bbl, reversing a three-month decline, supported by rising refinery throughput. Libyan supply shortages also put upward pressure on Brent Blend. Gas prices, responding to a sharp cold snap in the Lower 48, averaged about $4.25/Mcf in December, and continued rising into the new year. The U.S. rotary rig count stayed flat at 1,765 in the first part of January, while worldwide, the rig count rose to 1,817. However, backing out Canadian seasonal variations, the rig count actually fell about 10%.

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