Industry at a glance
Global oil prices leveled out during June, with the differential between WTI ($59.84) and Brent ($61.53) narrowing further, to just, on average, $1.70/bbl. API has revised its estimates of U.S. oil production higher for the last several months, with output now believed to be around 9.55 MMbpd, rather than 9.30 MMbpd. Nevertheless, growth of U.S. output continues to slow. Although global production was down about 500,000 bopd, OPEC’s output rose another 50,000 bopd, to nearly 38.0 MMbopd. With global production still running 1.5 MMbopd ahead of 2014’s average, and prices stagnant, the U.S. rotary rig count took another tumble, losing 28 units and averaging 54% lower than a year ago. Outside of Canada, international rigs were down about 3%.
U.S. GAS PRICES ($/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
- Applying ultra-deep LWD resistivity technology successfully in a SAGD operation (May 2019)
- Adoption of wireless intelligent completions advances (May 2019)
- Majors double down as takeaway crunch eases (April 2019)
- What’s new in well logging and formation evaluation (April 2019)
- Qualification of a 20,000-psi subsea BOP: A collaborative approach (February 2019)
- ConocoPhillips’ Greg Leveille sees rapid trajectory of technical advancement continuing (February 2019)