Industry at a glance
Crude prices were propelled higher at the end of January by political unrest in Egypt, with Brent crude reaching $100/bbl in mid-February on fears that the turmoil might disrupt Suez Canal and Sumed pipeline flows or spread in the region.
Crude prices were propelled higher at the end of January by political unrest in Egypt, with Brent crude reaching $100/bbl in mid-February on fears that the turmoil might disrupt Suez Canal and Sumed pipeline flows or spread in the region. Although prices have since stabilized, Brent futures remain around $100.50/bbl and WTI at $87.20/bbl at the end of the month. Global oil supply rose by 500,000 bpd to 86.96 million in January on higher OPEC crude and NGL output. US oil supply fell by almost 300,000 bpd, with the biggest decreases in Alaska and Louisiana. While the US rig count remained unchanged, the international rig count rose by an impressive 12.5% during January, to a total of 1,811 rigs, with 168 rigs added in Canada alone. Both US and international geophysical activity remained relatively unchanged through late January and February.
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