Crude benchmarks posted four straight weekly declines in July, despite an unexpected halt of Saudi shipments after an attack on two of its oil tankers in the Red Sea. Futures contracts also lost ground after financial advisors warned that escalating trade tensions, between the U.S. and China, were threatening global growth. After a request by President Trump, Saudi Arabia increased its daily production 4.6%, to 10.49 MMbopd in June, while the U.S. and Russia posted output gains of 1%, each. The U.S. rig count averaged 1,050 in July, six less than were active in June. DUCs in the Permian basin increased 164 in June, as logistical issues continue to strand capital in that region. International drilling increased 5.3% to 1,096 rigs in June, due mainly to a large gain in Canadian land-based activity. 

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 

About the Authors

Craig Fleming

World Oil

Craig Fleming Craig.Fleming@WorldOil.com