May 2016
News & Resources
Industry at a Glance: Oil & Gas Prices, Production, Rig Counts
Industry at a glance
Crude prices surged to four-month highs in April, on falling U.S. output and evidence that further declines are imminent, due to historically low rig activity. Conversely, Russian production hit a 29-year high in March, at 10.91 MMbopd, but Saudi Arabia, exercising restraint, held output steady at 10.12 MMbopd. Despite persisting oversupply at the time of writing, WTI was trading at $45.35/bbl, with Brent at $47.24/bbl. International rig activity was down 12% to 1,086, with the annual spring thaw in Canada idling 123 land rigs. The average U.S. rig count continues its unpresented decline, with just 443 rigs active in April, a drop of 8%, or 36 units, compared to the previous month.
U.S. GAS PRICES ($/MCF) AND PRODUCTION (BCFD) GRAPH
U.S. ROTARY DRILLING RIGS GRAPH
U.S. ROTARY DRILLING RIGS TABLE
WORKOVER RIG TABLE
U.S. OIL PRODUCTION TABLE
WORLD CRUDE OIL PRODUCTION, TOP THREE PRODUCERS
WORLD OIL PRODUCTION TABLE
SELECTED WORLD OIL PRICES GRAPH
INTERNATIONAL ROTARY RIG GRAPH
INTERNATIONAL ROTARY RIG TABLE
INTERNATIONAL OFFSHORE RIGS TABLE
About the Authors
Craig Fleming
World Oil
Craig Fleming Craig.Fleming@WorldOil.com