Industry Analysis

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Oil price and industry analysis links:

Oil Price History and Analysis -- by WTRG Economics -- A discussion of crude oil prices, the relationship between prices and rig count and the outlook for the future of the petroleum industry.

OPEC's failed meeting: Price vs. Market Share -- article by WTRG Economics posted on January 29, 1999. -- A discussion of crude oil prices and the conflicting goals of increasing OPEC's market share and prices with an historical perspective.

OPEC Revenues Fact Sheet -- U.S. Energy Information Administration March 2000 study of OPEC oil revenues and the impact of recent price fluctuations

EIA Review of Saudi Arabia, the world's largest oil producer

Short Term Price Forecast -- U.S. Energy Information Administration Short Term Energy Outlook

The State of the Domestic Oil and Natural Gas Industry -- American Petroleum Institute -- 18th March 1999

Baker Hughes Rig Counts -- Worldwide, US & Canadian Rotary Rig Count -- an important business barometer.

World Oil Industry Stats

Data Sources:

	Monthly Energy Review -- US Drilling Activity Tables -- Prices -- Annual Energy Review
	Trading Tactics: Oil Price Data

Finding Costs:

	A Turnaround in Oil and Gas Finding Costs -- EIA article (pdf file)
	WTRG's OPEC Analysis includes a chart of finding costs by country

Charts:

Figure 1. The oil price and U.S. petroleum exploration wells completed, plotted monthly from Jan 1997 to Mar 2000.

Oil drilling activity in the U.S. is increasing with the oil price. The activity increase lags the price increase by about six months. The data used in this chart was derived from the data sources linked above.

Note: Data is not available on the number of dry wells drilled on oil prospects. The number of petroleum exploration wells completed is assumed to indicate the oil exploration activity. Activity table values may change due to revisions.

Figure 2. The daily oil price from March 1983 to April 2000 (Trading Tactics data).

September 1999 Analysis:

Figure 3. The oil price and U.S. petroleum exploration wells completed, plotted monthly from Jan 1997 to Sep 1999.

While the oil price has recovered to 1997 levels, drilling activity in the U.S. remains subdued. The data used in this chart was derived from the data sources linked above. Any ideas as to when the drilling activity will pick up?

Note: Data is not available on the number of dry wells drilled on oil prospects. The number of petroleum exploration wells completed is assumed to indicate the oil exploration activity.

Figure 4. The oil price and U.S. petroleum exploration wells completed, plotted yearly from 1973 to 1998.