February 2016 /// Vol 237 No. 2

News & Resources

Industry at a glance Oil and Gas Prices and Production and Rig Counts

Industry at a glance

Craig Fleming, World Oil

Despite an extreme reduction in worldwide drilling activity during 2015, both WTI and Brent dropped below $30/bbl briefly in mid-January. The market-share battle being waged by Saudi Arabia and Russia shows no sign of abating, with both countries continuing to produce at record-high levels. Also, wells in the large U.S. shale plays are proving more resilient than expected, adding to oversupply. Global oil capabilities expanded by 2.6 MMbpd in 2015, following a gain of 2.4 MMbpd in 2014. The slowing global economy has reduced demand, with growth in 2016 predicted at 1.2 MMbopd. International drilling activity posted a 12-rig gain, as Saudi Arabia became the most active country outside North America. The U.S. rig count average dropped 8% in January, to 656 rigs. wo-box_blue.gif 

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

The Authors ///

Craig Fleming Craig.Fleming@WorldOil.com

Related Articles ///

  • No related articles found

FROM THE ARCHIVE ///

Comments ///

comments powered by Disqus