March 2016 /// Vol 237 No. 3

News & Resources

Industry at a glance

Industry at a glance

Craig Fleming, World Oil

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. 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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