Industry at a glance

Oil prices continued to strengthen in the early part of 2013, spurred by renewed economic vigor in the Far East, and colder weather in Europe. This month, we have added Dubai Fateh to the oil price chart, which tends to fall between the two other crude oil benchmarks. For the first month since December 1992, U.S. oil production exceeded 7 MMbpd, up nearly 14% from a year earlier. Oil supplies outside of OPEC dropped to near 54.2 million bopd by the end of January, while the terror attack in Algeria squeezed OPEC’s LNG supplies. The U.S. rig count slipped to a 12-month low, averaging just 1,756 rigs, while the non-U.S. worldwide count rose to 1,789.

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