March 2015
News & Resources
Industry at a glance
Industry at a glance
The worldwide crude oil price collapse hit six-year lows on all benchmarks in January, then staged a modest recovery into the mid-$50 range. Global oil, condensate and NGL production fell to 92.2 MMbpd, with the expectation that lower OPEC output, led by Iraq and Libya, along with falling North American drilling activity, would help mop up excess supply. An improving world economic forecast for 2015 is anticipated, which may help drive demand. Operators continued to withdraw rigs from service in the U.S., leading to a rotary rig count below 1,400 throughout much of February. Internationally, the rig count held its own, remaining above 1,600 during January-February.
U.S. GAS PRICES ($/MCF) AND PRODUCTION (BCFD) GRAPH
U.S. ROTARY DRILLING RIGS GRAPH
U.S. ROTARY DRILLING RIGS TABLE
WORKOVER RIG TABLE
U.S. OIL PRODUCTION TABLE
U.S. ONSHORE WELL COUNT TABLE
WORLD OIL PRODUCTION TABLE
SELECTED WORLD OIL PRICES GRAPH
INTERNATIONAL ROTARY RIG GRAPH
INTERNATIONAL ROTARY RIG TABLE
INTERNATIONAL OFFSHORE RIGS TABLE
About the Authors
Henry Terrell
Contributing Editor
Henry Terrell henry.terrell@gulfpub.com