Industry at a glance

Craig Fleming / World Oil

Worldwide crude oil prices continued their downward spiral, sinking to six-year lows in August. After rebounding on a combination of economic data and possible production cuts, prices turned volatile in September. On Sept. 28, Brent traded at $47.37/bbl, with WTI at $44.47/bbl. OPEC crude supply fell by 220,000 bpd in August, to 31.57 MMbpd. The group’s output stood 1.2 MMbopd higher than a year ago. Global oil demand growth is expected to climb to a five-year high of 1.7 MMbpd in 2015, before moderating to 1.4 MMbpd in 2016. The U.S. rotary rig count continues to slide, with 848 rigs active in September, a 4% reduction from the previous month’s average of 883. The international rig count increased 10 rigs, overall.

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

WORLD CRUDE OIL PRODUCTION, TOP THREE PRODUCERS

WORLD OIL PRODUCTION TABLE

SELECTED WORLD OIL PRICES GRAPH

INTERNATIONAL ROTARY RIG GRAPH

INTERNATIONAL ROTARY RIG TABLE

INTERNATIONAL OFFSHORE RIGS TABLE

About the Authors

Craig Fleming

World Oil

Craig Fleming Craig.Fleming@WorldOil.com