Industry at a glance
Steadily increasing output from the U.S., Russia and Saudi Arabia (34.04 MMbopd), combined with concerns about China’s economy, upset oil markets. Crude benchmarks, which declined 18% in November, continued on a downward trajectory, as WTI plunged from $53.58/bbl on Dec. 13 to just $42.53 on Dec. 24, only to jump back to over $48 on Jan. 4. Brent fell from $61.45 on Dec. 13 to $50.47 on Dec. 24, and then rose to $57.35 on Jan. 4. To bolster prices, OPEC cut output 530,000 bopd, its sharpest reduction in two years. U.S. gas prices remained relatively high, with Henry Hub trading at $3.89/MMbtu in December. The U.S. rig count was unchanged, averaging 1,077 units in December. Permian activity slipped five rigs, while international activity decreased 1.7% in November. 
U.S. GAS PRICES ($/MCF) AND PRODUCTION (BCFD) GRAPH
U.S. ROTARY DRILLING RIGS GRAPH
U.S. ROTARY DRILLING RIGS TABLE
U.S. DRILLED BUT UNCOMPLETED WELLS
U.S. OIL PRODUCTION TABLE
WORLD OIL PRODUCTION TABLE
SELECTED WORLD OIL PRICES GRAPH
INTERNATIONAL ROTARY RIG GRAPH
INTERNATIONAL ROTARY RIG TABLE
INTERNATIONAL OFFSHORE RIGS TABLE
- Applying ultra-deep LWD resistivity technology successfully in a SAGD operation (May 2019)
- Adoption of wireless intelligent completions advances (May 2019)
- Majors double down as takeaway crunch eases (April 2019)
- What’s new in well logging and formation evaluation (April 2019)
- Qualification of a 20,000-psi subsea BOP: A collaborative approach (February 2019)
- ConocoPhillips’ Greg Leveille sees rapid trajectory of technical advancement continuing (February 2019)
