Industry at a glance
In April, crude rallied to four-month highs, as cuts by OPEC+, and forced export reductions in Venezuela and Iran, pushed WTI up 9.1% ($63.42/bbl), while Brent gained 6.7% ($70.58/bbl). Despite the increases, Saudi Arabia continued to restrict supplies, slashing output by 350,000 bopd in March, and suggested that they intend to prolong the cuts through 2019. Offshore rig utilization was up 7% in April (y-o-y), as operators put more units back to work in slumbering deepwater plays. Despite a 4,021-DUC backlog, Permian activity shows no signs of abating, with District 8 and New Mexico averaging 309 and 105 rigs, respectively, in April, unchanged from the previous month. Oklahoma was the only shale state to experience a decline, dropping eight units, down to 104. International activity decreased seven rigs, to average 1,250 in March.
U.S. Oil Production
U.S. Gas Prices ($/MCF) & Production (BCFD)
Selected World Oil Prices ($/BBL)
World Oil & NGL Production
Workover Rig Count
International Rotary Rig Count
International Offshore Rigs
U.S. Drilled But Uncompleted Wells
International Rotary Drilling Rigs
U.S. Rotary Drilling Rigs
U.S. Rotary Rig Count
- 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)
