July 2016 /// Vol 237 No. 7

News & Resources

Industry at a glance

Industry at a glance

Craig Fleming, World Oil

Global crude markets showed resilience in June when both Brent and WTI rallied to a 2016 high above $51/bbl, due to continuing outages in Nigeria and Canada, as well as a 1.7% decline in U.S. production. Global output fell by approximately 800,000 bopd in May, despite Russian output of 10.83 MMbopd, just short of a record high. Since the lifting of the U.S. oil export ban, the differential between WTI ($48.84) and Brent ($50.25) has become less of a factor, with a price difference of just $1.41 at the time of writing. The stability in crude prices caused the U.S. rotary rig count to rebound, to average 417 units in June, an increase of about 2%. An uptick in offshore activity helped push the average international rig count up to 1,004 in May, an increase of 2%.

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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