Industry at a glance
Vol. 224 No. 7 Other than stimulating futures prices in reaction to rumors about export resumption, Iraqi output is still not a factor in global supply-and-demand totals. Other OPEC members continue to make up
Other than stimulating futures prices in reaction to rumors about export resumption, Iraqi output is still not a factor in global supply-and-demand totals. Other OPEC members continue to make up the difference, with Saudi Arabia remaining near 9 million bopd. In addition, non-OPEC, non-OECD production rose above 25 million bopd for the first time this year, gaining 160,000 bopd. Offshore drilling rig utilization is above year-ago levels in all categories, with the most noticeable differences in the Gulf of Mexico. Outside the U.S., global offshore rig count is 5.7% higher, and the onshore rig count outside the U.S. is up 9.7% from a year earlier. Within the U.S., operators continue to drill more wells in 2003, boosting the nationwide rig count 25.2%. Texas is 42.5% higher, and Oklahoma has gained 30.6%. |
