Industry at a glance
U.S. operators continued to embrace their new role of swing producer by idling 124 more rigs in February. However, the dramatic reduction in drilling activity has not slowed U.S. oil production, with crude stockpiles reaching 80-year highs. Despite record oversupply, markets remained relatively stable, due partly to talks between Russia and Saudi Arabia to freeze production at January levels, with WTI and Brent trading at $30 and $32/bbl, respectively. OPEC crude output rose 280,000 bpd in January, to 32.6 MMbpd, with Saudi Arabia, Iraq and Iran all posting gains. Global demand growth is forecast to decline 25% in 2016, to 1.2 MMbopd, due to slowdowns in China and Europe. International drilling activity was down eight units, to average 1,250 in February. The U.S. rig count declined 19%, to 532 rigs. 
U.S. GAS PRICES ($/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)
