Industry at a Glance: Oil & Gas Prices, Production, Rig Counts

Industry at a glance

Craig Fleming / World Oil

Crude prices surged to four-month highs in April, on falling U.S. output and evidence that further declines are imminent, due to historically low rig activity. Conversely, Russian production hit a 29-year high in March, at 10.91 MMbopd, but Saudi Arabia, exercising restraint, held output steady at 10.12 MMbopd. Despite persisting oversupply at the time of writing, WTI was trading at $45.35/bbl, with Brent at $47.24/bbl. International rig activity was down 12% to 1,086, with the annual spring thaw in Canada idling 123 land rigs. The average U.S. rig count continues its unpresented decline, with just 443 rigs active in April, a drop of 8%, or 36 units, compared to the previous month.

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

About the Authors

Craig Fleming

World Oil

Craig Fleming Craig.Fleming@WorldOil.com