Oil in Global Economy Series: Key oil market updates

While the oil market continues to focus on supply/demand fundamentals, these are some key updates that you need to keep a tab on,

• U.S. oil rig count: The United States is continuing to see a surge in production. According to the latest report, the production rose to 10.251 million barrels per day. Despite fewer rigs operating compared to 2014/15, the production efficiency has pushed the overall production higher.  As of latest report, the numbers of operating rigs rose from 765 to 791. The numbers of operating rigs have increased more than 150 percent since bottoming in May last year.
   
• Venezuela crisis: Crisis continues in Venezuela. A country which has the largest reserve of crude oil is reportedly running low on gasoline. The oil production is dwindling too. The latest survey report by Reuters suggests that production declined to just 1.6 million barrels per day in January. The latest survey by Platts put January production at 1.64 million barrels per day.   
   
• OPEC compliance: According to the latest production survey by Platts, the OPEC remains compliant with the agreement. In January, total OPEC production was 32.46 million barrels per day in January, according to Platts.

Key global oil benchmarks:

WTI - $60.2/barrel

Brent - $63.6/barrel

OPEC basket - $61.5/barrel

Urals - $62.1/barrel

Oman - $62.3/barrel

Dubai - $60.8/barrel

Western Canada Select - $37.5/barrel