In April, crude rallied to four-month highs, as cuts by OPEC+, and forced export reductions in Venezuela and Iran, pushed WTI up 9.1% ($63.42/bbl), while Brent gained 6.7% ($70.58/bbl). Despite the increases, Saudi Arabia continued to restrict supplies, slashing output by 350,000 bopd in March, and suggested that they intend to prolong the cuts through 2019. Offshore rig utilization was up 7% in April (y-o-y), as operators put more units back to work in slumbering deepwater plays. Despite a 4,021-DUC backlog, Permian activity shows no signs of abating, with District 8 and New Mexico averaging 309 and 105 rigs, respectively, in April, unchanged from the previous month. Oklahoma was the only shale state to experience a decline, dropping eight units, down to 104. International activity decreased seven rigs, to average 1,250 in March. 

U.S. Oil Production

U.S. Gas Prices ($/MCF) & Production (BCFD)

Selected World Oil Prices ($/BBL)

World Oil & NGL Production

Workover Rig Count

International Rotary Rig Count

International Offshore Rigs

U.S. Drilled But Uncompleted Wells

International Rotary Drilling Rigs

U.S. Rotary Drilling Rigs

U.S. Rotary Rig Count

About the Authors

Craig Fleming

World Oil

Craig Fleming Craig.Fleming@WorldOil.com