December 2015
News & Resources
Industry at a glance
Industry at a glance
In October, crude oil benchmarks were locked in a narrow range, as continuing oversupply in world markets limited the impact of labor strikes in Brazil and geopolitical tensions in the Middle East. Nevertheless, the non-decision by OPEC on Dec. 4 caused the ICE Brent price to decline $2.37 on Dec. 7, to $41.13/bbl. The NYMEX WTI price tumbled $2.34, to $37.63. Global demand growth is forecast to slow to 1.2 MMbopd in 2016. Despite Russia, which continues to increase production, non-OPEC supply is forecast to contract by more than 0.6 MMbopd in 2016. The U.S. rig count continues its downward spiral, averaging 765 rigs in November, while the international rig count dropped to an average 1,302 rigs in October, a loss of 27 units.
U.S. GAS PRICES ($/MCF) AND PRODUCTION (BCFD) GRAPH
U.S. ROTARY DRILLING RIGS GRAPH
U.S. ROTARY DRILLING RIGS TABLE
WORKOVER RIG TABLE
U.S. OIL PRODUCTION TABLE
WORLD CRUDE OIL PRODUCTION, TOP THREE PRODUCERS
WORLD OIL PRODUCTION TABLE
SELECTED WORLD OIL PRICES GRAPH
INTERNATIONAL ROTARY RIG GRAPH
INTERNATIONAL ROTARY RIG TABLE
INTERNATIONAL OFFSHORE RIGS TABLE
About the Authors
Craig Fleming
World Oil
Craig Fleming Craig.Fleming@WorldOil.com