May 2018
News and Resources
Industry at a glance
The crude price recovery, buoyed by potential Middle Eastern supply risks, was capped by rising U.S. inventories while President Trump debated on whether to reimpose sanctions on Iran.
Russia reaffirmed its pledge to OPEC’s well-publicized production cuts, despite breaching its target and pushing output to an 11-month high of 10.97 MMbopd in March and April. In the U.S., the rig count averaged 1,011 units in April, an increase of 2.2% compared to March. The sustained activity pushed production in the U.S. to 10.44 MMbopd in March, an increase of 1.6% compared to the previous month. The DUC inventory has stabilized, with the exception of the Permian, where operators added 122 new wells. International activity averaged 1,197 rigs in March, a loss of 7.6%, due mainly to spring break-up in Canada. 
About the Authors
Craig Fleming
World Oil
Craig Fleming Craig.Fleming@WorldOil.com
