Industry at a glance
Global crude markets showed resilience in June when both Brent and WTI rallied to a 2016 high above $51/bbl, due to continuing outages in Nigeria and Canada, as well as a 1.7% decline in U.S. production. Global output fell by approximately 800,000 bopd in May, despite Russian output of 10.83 MMbopd, just short of a record high. Since the lifting of the U.S. oil export ban, the differential between WTI ($48.84) and Brent ($50.25) has become less of a factor, with a price difference of just $1.41 at the time of writing. The stability in crude prices caused the U.S. rotary rig count to rebound, to average 417 units in June, an increase of about 2%. An uptick in offshore activity helped push the average international rig count up to 1,004 in May, an increase of 2%.
U.S. GAS PRICES ($/MCF) AND PRODUCTION (BCFD) GRAPH
U.S. ROTARY DRILLING RIGS GRAPH
U.S. ROTARY DRILLING RIGS TABLE
WORKOVER RIG TABLE
U.S. OIL PRODUCTION TABLE
WORLD CRUDE OIL PRODUCTION, TOP THREE PRODUCERS
WORLD OIL PRODUCTION TABLE
SELECTED WORLD OIL PRICES GRAPH
INTERNATIONAL ROTARY RIG GRAPH
INTERNATIONAL ROTARY RIG TABLE
INTERNATIONAL OFFSHORE RIGS TABLE
- 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)