Industry at a glance
Crude benchmarks remained relatively steady in July, despite escalating political tension in the Persian Gulf and the resumption of talks aimed to resolve a trade dispute between the U.S. and China, which could spark increased demand. Saudi Arabia’s oil production dropped to a four-year low in May 2019, averaging 9.9 MMbpd, more than 1.0 MMbpd lower than its all-time high in November 2018 (EIA). China continues to import more oil from the Saudis to satisfy increased consumption, which has risen from 9.3 MMbpd to 13.9 MMbpd from 2010 through 2018. Drilling activity in the U.S. averaged 955 rigs in July, a 9% decline compared to the previous month. RRC District 8 and New Mexico averaged 396 units in July, 41% of the U.S. total. In Canada, activity surged 61%, gaining 61 onshore units to average 113 in June.
U.S. OIL PRODUCTION
U.S. GAS PRICES ($/MCF) & PRODUCTION (BCFD)
SELECTED WORLD OIL PRICES ($/BBL)
WORLD OIL & NGL PRODUCTION
WORKOVER RIG COUNT
INTERNATIONAL ROTARY RIG COUNT
INTERNATIONAL OFFSHORE RIGS
U.S. DRILLED BUT UNCOMPLETED WELLS
INTERNATIONAL ROTARY DRILLING RIGS
U.S. ROTARY DRILLING RIGS
U.S. ROTARY RIG COUNT
- Management issues- Dallas Fed: Activity sees modest growth; outlook improves, but cost increases continue (October 2023)
- Industry at a glance (June 2023)
- Industry at a glance (May 2023)
- Management issues- Dallas Fed: Oil and gas expansion stalls amid surging costs and worsening outlooks (May 2023)
- Executive viewpoint (April 2023)
- Global offshore market is on the upswing (April 2023)
