Industry at a glance

Crude oil futures hit 18-month highs in early April, with expectations for an accelerating economic recovery spurring financial and commodity markets ahead and strengthening oil demand.

	Vol. 231 No. 5

Oil & Gas Industry Statistcs from World Oil Magazine's May Issue

Crude oil futures hit 18-month highs in early April, with expectations for an accelerating economic recovery spurring financial and commodity markets ahead and strengthening oil demand. Nonetheless, underlying concerns remain that oil markets are overheated, with WTI and Brent both recently trading around $85/bbl. OPEC crude production posted its first significant monthly decline in over a year, falling by 190,000 bpd in March to 29.0 million bpd. Yet the lower output reflected a near 10% decline in Iraqi crude rather than efforts by OPEC-11 members to rein in above- target output. OPEC-11 production, which excludes Iraq, increased by 30,000 bpd to 26.7 million bpd. In the US, the number of rotary and workover rigs increased slightly by 5% and 2%, respectively. The rig count outside the US dropped by 9% from 1,692 to 1,528, with the largest decrease in Canada, of 177 rigs.

Monthly US Gas Prices and Trends Graph		World Oil Production Table
US Geophysical Activity Table		Selected World Oil Prices Graph
US Rotary Drilling Rigs Graph		International Geophysical Activity Table
US Rotary Drilling Rigs Table		International Rotary Rig Graph
Workover Rig Graph		International Rotary Rig Table
Workover Rig Table		International Offshore Rigs Table
US Oil Production