June 2016 /// Vol 237 No. 6)
News & Resources
Industry at a Glance: Oil and Gas Prices, Production, Rig Counts
Industry at a glance
Crude markets continued to strengthen in May, when unexpected supply disruptions in Nigeria, Venezuela and Canada reduced output by approximately 1.5 MMbopd. These outages, combined with falling U.S. production (8.8 MMbopd), caused stockpiles at Cushing, Okla., to decline by 3.4 MMbbl during the week ended May 6, and again by 4.2 MMbbl during the third week of the month. Russian production declined for the first time in nine months, averaging 10.8 MMbopd in April, with Saudi Arabia unchanged at 10.2 MMbopd. The combination of these factors briefly pushed WTI and Brent benchmarks above $50/bbl for the first time in six months. The international rig count dropped 67 units to average 1,001 working units in April. U.S. activity continued to plunge, dropping 7% to average 409 rigs in May.