Industry at a glance
At the beginning of 2009, the steep decline of US workover and rotary rigs continued. The US workover rig count fell to 2,152, down 13% from 2,476 in January 2008. Rotary rigs running in the US fell to 1,553, down 11% from 1,749 in January 2008. However, despite the falloff in US rigs, the international rotary rig count has remained relatively stable at 1,515 in January 2009, down only 7% from 1,640 in January 2008. January global oil supply fell by 0.54 million bpd to 84.65 million bpd. The largest drops were seen in Saudi Arabia and Venezuela, with 300,000- and 110,000-bpd cuts, respectively. Continuing with the cuts the organization announced in December, OPEC crude supply—not counting Indonesia, which has moved to non-OECD—fell by 1.05 million bpd in January. The organization may consider further cuts at its March meeting if prices do not stabilize. |
