Industry at a glance
The unrelenting trade dispute, festering between the U.S. and China, took a toll on crude prices in August, with WTI, Brent and Dubai Fateh dropping 4%, 7.1% and 9.4% respectively. Downward pressure was also applied by a slowdown in U.S. manufacturing, and plunging gasoline futures caused by Hurricane Dorian, that hovered off the U.S. east coast in September. OPEC monthly output rose in August, but Saudi Arabia continued to play the role of swing producer reducing production by 200,000 bopd (2%) in July, down to 9.58 MMbpd. Russian production fell to a three-year low in early July, after tainted oil was found in a pipeline supplying Europe, but recovered quickly up to 11.15 MMbpd. Drilling activity in the U.S. averaged 926 units in August, 3% less than the 955 in July. International activity increased 31 rigs, to average 1,283 in July.
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)
