Industry at a Glance
Prices for benchmark crudes continued to climb after Russia and OPEC agreed to extend production cuts for another nine months, although Moscow was concerned that supporting prices above $60/bbl would help U.S. shale producers. As crude prices rallied to their highest level in two years, major companies added $220 billion to their balance sheets. Though oversupply relative to the five-year average has been reduced by more than 50% since January, it still stands at 140 MMbbl, clouding plans for an exit strategy. The U.S. rig count remained relatively stable, averaging 911 units in November, 11 fewer than the previous month. The DUC inventory continued to build, with the exception of the Bakken, which dropped by 11. The international rig count averaged 1,164 in October, an increase of 28 units. 
U.S. GAS PRICES ($/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 OIL PRODUCTION TABLE
SELECTED WORLD OIL PRICES GRAPH
INTERNATIONAL ROTARY RIG GRAPH
INTERNATIONAL ROTARY RIG TABLE
INTERNATIONAL OFFSHORE RIGS TABLE
