Industry at a glance
In February, US workover and US rotary rigs continued to freefall. The US workover rig count fell to 1,947, down 20.7% from 2,455 in February 2008 and down 9.5% from 2,152 the previous month. Rotary rigs running in the US fell to 1,320, down 25% from 1,765 in February 2008 and down 15% from 1,553 the previous month. Despite the falloff in US rigs, the international rotary rig count remained stable at 1,530 in February. February global oil supply fell by 0.98 million bpd to 83.39 million bpd. The largest drops were seen in Kuwait and Saudi Arabia, with 150,000- and 140,000-bpd cuts, respectively. Overall, OPEC cut production by 1 million bpd. The IEA continues to revise down the global oil demand forecast for 2009 to 84.4 million bpd, down 1.5% or 1.2 million bpd year-on-year, on a reassessment of demand prospects in the FSU, Asia and OECD North America. |