Oil and Gas Prices including WTI and Brent, Production and Rig Counts
Each month, World Oil's Industry at a Glance reports on oil prices and global crude markets including charts for Brent and WTI prices. The Industry at a Glance section reports on key geographic, politic and supply and demand factors that are influencing the barrel (bbl) prices of oil and gas.
November 2016 Oil and Gas Prices through the Industry at a Glance report
In spite of an OPEC agreement to cut production 4% from its peak output, the market remained skeptical that Saudi Arabia and its Gulf allies were willing to comply. In late October, Iraq joined the list of countries seeking an exemption from production caps. Nigeria lowered prices for its benchmark grades by approximately $1/bbl, in an attempt to capture additional market share.
October 2016 Oil and Gas Prices
In spite of an OPEC agreement to cut production 4% from its peak output, the market remained skeptical that Saudi Arabia and its Gulf allies were willing to comply. In late October, Iraq joined the list of countries seeking an exemption from production caps. Nigeria lowered prices for its benchmark grades by approximately $1/bbl, in an attempt to capture additional market share.
September 2016 Oil and Gas Prices
Benchmark crude prices slipped back to average about $45/bbl in August, as Russia and Saudi Arabia continued to produce at record-high levels. However, world oil stockpiles are finally dissipating, with the discount narrowing on immediate supplies of Brent crude, a clear indication that surplus is fading. With world oil supply and demand essentially equal, and U.S. production falling, the balanced market will help stabilize commodity prices.
August 2016 Oil and Gas Prices
In July, oil prices dropped nearly 20%, compared to early June, after Canadian supply returned when wildfires were extinguished and production in Nigeria recovered after unrest was quelled. However, the dramatic year-long decline in U.S. drilling activity is taking a toll on production, causing U.S. crude stockpiles to decline for a record ninth consecutive week, with a drawdown of 2.34 MMbbl reported for the week ending July 15. While U.S. output continued to slump, Middle Eastern production hit a new high, exceeding 31 MMbopd amid near-record supply from Saudi Arabia. While the re-balancing of global oil markets is progressing, record-high crude and gasoline inventories continue to put downward pressure on prices. The U.S. rotary count is recovering, averaging 450 rigs in July, while the international rig count gained 4 units, to average 997 in June.
July 2016 Oil and Gas Prices
Global crude markets showed resilience in June when both Brent and WTI rallied to a 2016 high above $51/bbl, due to continuing outages in Nigeria and Canada, as well as a 1.7% decline in U.S. production.
June 2016 Oil and Gas Prices
Crude markets continued to strengthen in May, when unexpected supply disruptions in Nigeria, Venezuela and Canada reduced output by approximately 1.5 MMbopd.
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