Industry at a glance
Despite escalating hostilities between the U.S. and Iran, which included two oil tanker attacks and a downed U.S. surveillance drone, crude benchmarks plummeted in June, with WTI, Brent and Dubai Fateh dropping 9.3%, 10.5% and 10%, respectively. To combat oversupply, Saudi Arabia and Russia reduced output collectively by 260,000 bopd, but surging shale production pushed U.S. output to another record high of 12.24 MMbopd. Natural gas plunged in June to $2.39 MMbtu, 9.5% less than in May. Activity in the Permian continued at a blistering pace, with an average 399 units running in RRC District 8 and New Mexico, despite a DUC backlog of 3,971 in the region. Total U.S. activity averaged 970 units in June, 16 fewer than tallied in May. International activity dropped 2.4%, losing 27 rigs to average 1,101 units in May.
U.S. OIL PRODUCTION
U.S. GAS PRICES ($/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)
