April 2010
News & Resources
Industry at a glance
Benchmark crude oil futures were down by $2/bbl month-on-month in February, but rebounded by almost $10/bbl from early-February lows.
Oil & Gas Industry Statistcs from World Oil Magazine's April IssueBenchmark crude oil futures were down by $2/bbl month-on-month in February, but rebounded by almost $10/bbl from early-February lows. WTI and Brent Blend were recently trading at $82/bbl and $80/bbl, respectively, on a perceived heightening of geopolitical tensions affecting some producing countries, but market sentiment was tempered by ample physical oil supplies. OPEC crude production hit a 14-month high of 29.2 mb/d in February, with Iraq accounting for half of the 200 kb/d increase. US oil production rose from 5,441 MMb/d to 5,513 MMb/d. Gas prices dropped in March, with an average of $4.29, compared to February’s average of $5.22. The international rig count rose by 8% to 1,692, while the number of US rotary rigs rose by 6%. The workover rig count increased by 2% to 1,726. Both domestic and international geophysical activity remained unchanged through March.
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