January 2016 /// Vol 237 No. 1

News & Resources

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

Industry at a glance

Craig Fleming, World Oil

Benchmark crudes hit seven-year lows in December, after OPEC continued producing, at will, to defend market share. Oversupply has increased downward pressure, and at the time of writing, Brent was trading at $33.72/bbl, with WTI at $33.36/bbl. A slowdown in global growth is predicted, with fourth-quarter 2015 data indicating an easing to 1.3 MMbopd, down from a third-quarter 2015 peak of 2.2 MMbopd. The resulting annual growth of 1.8 MMbopd for 2015 was led by China, the U.S. and India. Global supply inched up 50,000 bopd in November, to 96.9 MMbpd. The U.S. rig count continued to drop, with 714 rigs active in December, a 6% reduction from the previous month’s average. The international rig count lost two units, averaging 1,288 in November. 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

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