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World Oil Supply

48

OPEC Monthly Oil Market Report – November 2017

the Bakken shale is located, 50 oil rigs were active in October (6.8% of total US oil rigs), in Eagle Ford 60 oil

rigs (8.1%) and in DJ-Niobrara 25 oil rigs (3.4%).

As a result, at the end of October 2017, the US oil rig count for the last 17 months represents an increase of

420 oil rigs (+131%) since the rig count bottomed out in May 2016, equating to the addition of at least

24.7 rigs per month.

Graph 5 - 10: US weekly oil rig count

Graph 5 - 11: US weekly crude oil production

Onshore rigs

(Land rigs) dropped by 9 units to 879 rigs for the week to 3 November 2017, up by 546 rigs

y-o-y. The active rigs in offshore areas decreased by 2 units to 18 rigs compared to a week ago, lower by

3 units, y-o-y. 780 rigs out of 901 land rigs (87%) were active in the drilling of horizontal wells in October

2017.

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 October compared to a month earlier in the most prolific Basins, rigs

decreased by 2 units in the Permian Basin to average 381 rigs and dropped 2 units in the Eagle Ford to

60 rigs. In Niobrara and the Williston Basin, the number of oil rigs decreased by 3 units and 1 unit to total

24 and 50 oil rigs, respectively.

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

Oct 15

Dec 15

Feb 16

Apr 16

Jun 16

Aug 16

Oct 16

Dec 16

Feb 17

Apr 17

Jun 17

Aug 17

Oct 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

Oct 15

Dec 15

Feb 16

Apr 16

Jun 16

Aug 16

Oct 16

Dec 16

Feb 17

Apr 17

Jun 17

Aug 17

Oct 17

%

Rig

US weekly oil rig count (LHS)

Horizontal drilling change (RHS)

Source: Baker Hughes.