June 2010
News & Resources
Industry at a glance
Crude prices fell by over $10/bbl in early May, the biggest weekly decline in 18 months, amid an evolving Eurozone debt crisis and a selloff in global equity markets.
Oil & Gas Industry Statistcs from World Oil Magazine's June IssueCrude prices fell by over $10/bbl in early May, the biggest weekly decline in 18 months, amid an evolving Eurozone debt crisis and a selloff in global equity markets. Subsequent moves by EU finance ministers to guarantee liquidity for vulnerable economies saw partial recovery, with WTI futures recently trading at $76/bbl. Non-OPEC oil supply dipped slightly to 52.4 million bpd in April, on seasonal output curbs. IEA’s 2010 forecast is revised up 200,000 bpd to 52.3 million bpd on higher expectations for the US, Canada and China. Projected growth in 2010 of 800,000 bpd is the strongest since 2004. The Deepwater Horizon drilling accident in the US Gulf of Mexico has not affected regional production, but the incident will lead to tighter safety measures and delay further offshore leasing. The international rotary rig count dropped by a steep 17% from 1,528 to 1,263, with Canada losing 68% of its rigs between March and April.
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