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World Oil Supply

50

OPEC Monthly Oil Market Report – October 2017

Graph 5 - 10: US weekly oil rig count

Graph 5 - 11: US weekly crude oil production

Onshore rigs

climbed by 419 units y-o-y to 916 rigs, while the active rigs in offshore areas remained

unchanged at 22 rigs compared to a year ago. 84.5% of the land rigs are active in the drilling of horizontal

wells at the end of September.

Graph 5 - 12: US weekly oil rig count vs.

Crude oil production

Graph 5 - 13: US weekly oil rig count vs.

Horizontal drilling change

In terms of

the oil rig count

in the most prolific Basins, it increased by 5 units in September m-o-m in the

Permian Basin to average 383 rigs, while oil rigs in Eagle Ford dropped by 5 units to 70 rigs, m-o-m. It is also

reported that in Niobrara and Williston Basin, the number of oil rigs decreased by 3 units and 1 unit to total

27 and 51 oil rigs, respectively.

At the end of September 2017, 385 rigs in Permian Basin, 68 rigs in Eagle Ford, 62 rigs in Cana Woodford,

50 rigs in Williston and 25 rigs in Niobrara were active.

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52

Rigs

Week

2016

2017

Average 2012-2016

Historical range

2012-2016

Sources: Baker Hughes, US Energy Information Administration

and OPEC Secretariat.

5

6

7

8

9

10

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52

mb/d

Week

2016

2017

Average 2012-2016

Sources: US Energy Information Administration and

OPEC Secretariat.

Historical range

2012-2016

8.0

8.2

8.4

8.6

8.8

9.0

9.2

9.4

9.6

9.8

200

400

600

800

1,000

1,200

1,400

1,600

1,800

Sep 15

Nov 15

Jan 16

Mar 16

May 16

Jul 16

Sep 16

Nov 16

Jan 17

Mar 17

May 17

Jul 17

Sep 17

mb/d

Rigs

US weekly oil rig count (LHS)

Crude oil production (RHS)

Sources: Baker Hughes and US Energy Information

Administration.

60

65

70

75

80

85

90

200

400

600

800

1,000

1,200

1,400

1,600

1,800

Sep 15

Nov 15

Jan 16

Mar 16

May 16

Jul 16

Sep 16

Nov 16

Jan 17

Mar 17

May 17

Jul 17

Sep 17

%

Rig

US weekly oil rig count (LHS)

Horizontal drilling change (RHS)

Source: Baker Hughes.