January 2015 /// Vol 236 No. 1

News & Resources

Industry at a glance

Industry at a glance

Henry Terrell, Contributing Editor

 

The worldwide sell-off in crude oil continued through November and to the end of the year, with both Brent Blend and West Texas Intermediate dropping into the mid-$50/bbl range. This represents a five-year low. The supply/demand imbalance that brought about the collapse continues, with U.S. oil production exceeding 9 MMbpd. While production has not yet been affected by the price drop, the U.S. rotary rig count showed a significant decline, falling almost 80 rigs by the last week of December, below 1,850, after spending most of the year above 1,920. The international rig count held its own, and even saw a modest rise offshore. Global oil demand is expected to increase beyond 93 MMbpd in 2015.

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    

The Authors ///

Henry Terrell henry.terrell@gulfpub.com

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