Industry at a glance

Vol. 231 No. 12

Oil & Gas Industry Statistcs from World Oil Magazine's December Issue

Oil markets turned significantly stronger in October on higher-than-expected demand, lower OECD inventories and a weaker dollar. Crude oil futures broke out of the $75–$78/bbl range seen in the third quarter and headed to a loftier $82–$83.50/bbl in October. By early November, benchmark crudes hovered near two-year highs, oscillating around $89/bbl.

In October, US oil production remained stable at 5.5 million bpd, while global oil supply rose by 890,000 bpd to 85.58 million bpd, largely on higher non-OPEC output. Seasonal maintenance in the Caspian and Norway ended, and the US Gulf of Mexico avoided storm shut-ins. After falling to a 2010 low of $3.18/Mcf in late October, gas prices rebounded to near $4/Mcf in late November. While geophysical activity remained virtually unchanged in the US, six net additional seismic crews began working internationally between October and November, three of which were in Canada.