August 2010
News & Resources
Industry at a glance
Crude oil traded in a $71–79/bbl range in June, after a volatile May, and by early July, Atlantic Basin benchmarks touched four-week lows, before rebounding to about $75 by the 12th.
Oil & Gas Industry Statistcs from World Oil Magazine's August's Issue Crude oil traded in a $71–79/bbl range in June, after a volatile May, and by early July, Atlantic Basin benchmarks touched four-week lows, before rebounding to about $75 by the 12th. While total oil supply fell by an estimated 250,000 bpd to 84.35 million bpd in June, the International Energy Agency (IEA) predicts that non-OPEC supply could rise by 0.4 million bpd in 2011 to 52.8 million bpd, following 0.8 million-bpd growth in 2010. Increases from Azerbaijan, Brazil, Colombia, Ghana, Oman and global biofuels are expected to offset decline from Mexico and the North Sea during 2011. The 2010/2011 US Gulf of Mexico supply is estimated to decrease by around 30,000 bpd because of delays following the Deepwater Horizon disaster. Project delays could further curb future US supply if wide-reaching drilling restrictions arise from the disaster investigation. Outside the US, the only big rig movement was in Canada, which added 81 to its active count.
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