Industry at a glance
In July, oil prices dropped nearly 20%, compared to early June, after Canadian supply returned when wildfires were extinguished and production in Nigeria recovered after unrest was quelled. However, the dramatic year-long decline in U.S. drilling activity is taking a toll on production, causing U.S. crude stockpiles to decline for a record ninth consecutive week, with a drawdown of 2.34 MMbbl reported for the week ending July 15. While U.S. output continued to slump, Middle Eastern production hit a new high, exceeding 31 MMbopd amid near-record supply from Saudi Arabia. While the re-balancing of global oil markets is progressing, record-high crude and gasoline inventories continue to put downward pressure on prices. The U.S. rotary count is recovering, averaging 450 rigs in July, while the international rig count gained 4 units, to average 997 in June.
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
