Industry at a Glance
In spite of weakening OPEC compliance with output cuts, oil prices managed to hold steady around $47/bbl in July and flirted with $50/bbl during the last week of the month. Brent and WTI traded at $52.51 and $49.74, respectively, after reports showed U.S. inventories fell by 7.21 MMbbl to the lowest level since January, while gasoline stockpiles shrank to the lowest levels of the year. Concerns that the cartel’s crude reductions would be offset by rising production elsewhere were abating, even as Saudi Arabia increased its daily output by 190,000 bpd to 10.07 MMbpd. The U.S. rig count averaged 951 active units in July, 20 more than were working in June, but small budget cuts may quell any significant second-half rally. International activity increased 77 rigs, to average 1,118 in June.
U.S. GAS PRICES ($/MCF) AND PRODUCTION (BCFD) GRAPH
U.S. ROTARY DRILLING RIGS GRAPH
U.S. ROTARY DRILLING RIGS TABLE
U.S. DRILLED BUT UNCOMPLETED WELLS
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
