Industry at a glance
U.S. oil production surged to another all-time high when output averaged 12.0 MMbpd in January, up 90,000 bpd from December 2018’s level. In February, the U.S. imported the lowest volume of crude on a weekly basis in 23 years, when imports fell 1.61 MMbpd, to 5.92 MMbpd (EIA). Russia reduced its production by 70,000 bpd, to 11.38 MMbpd, and Saudi Arabia cut 400,000 bpd from its daily total, down to 10.24 MMbpd. The reductions by OPEC+ have caused prices to rally 25% this year. Gas prices dropped 13% in February, down to $2.71/MMBtu, after suffering a 23% decline in January. Drilling in U.S. shale fields is slowing, with Texas District 8, Oklahoma and Pennsylvania all registering losses. Overall, the U.S. rig count averaged 1,048 in February, 17 units less than averaged in December. International activity decreased 104 rigs, to average 1,199 in January.
U.S. GAS PRICES ($/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
- The last barrel (February 2024)
- Oil and gas in the Capitals (February 2024)
- What's new in production (February 2024)
- First oil (February 2024)
- E&P outside the U.S. maintains a disciplined pace (February 2024)
- Prices and governmental policies combine to stymie Canadian upstream growth (February 2024)
- Applying ultra-deep LWD resistivity technology successfully in a SAGD operation (May 2019)
- Adoption of wireless intelligent completions advances (May 2019)
- Majors double down as takeaway crunch eases (April 2019)
- What’s new in well logging and formation evaluation (April 2019)
- Qualification of a 20,000-psi subsea BOP: A collaborative approach (February 2019)
- ConocoPhillips’ Greg Leveille sees rapid trajectory of technical advancement continuing (February 2019)
