Industry at a Glance
Crude prices tumbled in February over fear of unfettered U.S. shale output, and a combined increase of 130,000 bpd by OPEC members Libya, Nigeria and Venezuela. The monthly decline, the first since August, saw WTI drop 2.7% to $62.13, while Brent plummeted 6.1% to average $64.87/bbl. U.S. output set another record in January, when gushing shale fields pushed daily production up to 10.16 MMbpd, said API. The record caused inventories to swell by 3 MMbbl in February, noted EIA. Without self-regulation, explosive growth in the U.S. will undermine OPEC’s production cuts, designed to rebalance crude markets. Although the U.S. rig count increased just 3.4% to average 969 in February, DUCs continued to build at an alarming rate, up 1.6% in January, to 7,609. The international count gained 90 rigs, an increase of 7.8%, to average 1,247 units in January.
U.S. GAS PRICES ($/MCF) AND PRODUCTION (BCFD) GRAPH
U.S. ROTARY DRILLING RIGS GRAPH
U.S. ROTARY DRILLING RIGS TABLE
U.S. DRILLED BUT UNCOMPLETED WELLS
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
- Management issues- Dallas Fed: Activity sees modest growth; outlook improves, but cost increases continue (October 2023)
- Industry at a glance (June 2023)
- Industry at a glance (May 2023)
- Management issues- Dallas Fed: Oil and gas expansion stalls amid surging costs and worsening outlooks (May 2023)
- Executive viewpoint (April 2023)
- Global offshore market is on the upswing (April 2023)