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Petroleum Devolopments
18
Volume
44
Issue
7
US tight oil production
In May 2018, US tight oil production increased by 118 thousand b/d or 1.7%
comparing with the previous month level to reach 7.1 million b/d, representing an
increase of 1.5 million b/d from their last year level. The US oil rig count increased
by 33 rig comparing with the previous month level to reach 931 rig, a level that is
162 rig higher than last year, as shown in
table (3)
and
figure (7)
:
Source: EIA, Drilling Productivity Report for key tight oil and shale gas regions, June 2018.
* focusing on the six most prolific areas, which are located in the Lower 48 states. These six regions accounted for 92% of
domestic oil production growth during 2011-2014, Bakken, Eagle Ford, Haynesville, Niobrara, Permian, Appalachia (Utica
and Marcellus), in addition to Anadarko region which become the target of many producers in the recent years, as of July
2017, there are 129 operating rigs in the Anadarko region.
Figure - 6
World Oil Supply and Demand
(Million b/d)
Table 3
US tight oil production*
(Million b/d)
May
2018
April
2018
Change from
April
2018
May
2017
Change from
May
2017
tight oil production
7.070 6.952
0.118
5.600
1.470
Oil rig count (rig)
931
898
33
769
162
Tables (7)
and
(8)
in the annex show world oil demand and supply for the period
2016-2018.