Press Esc to close



For full content view: Log in Now!

  • Global drilling and production: Not as bad as they seem

    Global oil production was nearly flat in 2008, up just 0.27%. It would have been up considerably more, but the crash in prices, plus OPEC production cuts in the last three months of the year, caused Saudi Arabia, Angola and others to reduce output well below capacity. It was a classic bubble: Sky-high oil prices caused dramatically increased drilling and new projects, which, after delays and high well-construction costs, finally came online just as prices were crashing. This was partly because oil-importing countries were exporting increasing amounts of cash to the exporters. The result was way too much production just as demand was crashing. Operators are waiting to see whether OPEC solidarity will be successful in cutting production to meet the steep drop in global demand, thus returning prices to $75 levels, which is the goal. However, if OPEC is not careful, too-high prices could easily forestall any fragile economic recovery, assuming one occurs, and that would again decrease demand,

This area of the site is restricted. In order to gain access, please either Log In, or subscribe to World Oil.

Two options are available to you for creating an account.

1. Get a Free Trial Subscription to World Oil Magazine and gain immediate access to select content on World Oil Online.

Start a Free Trial Subscription and gain immediate access to the complete current issue of World Oil Magazine. Plus, you’ll receive 3 upcoming issues of World Oil Magazine in print or digital format.* You also receive access to the Energy Events Calendar, Industry Statistics and WO Wire’s news and industry coverage.

Free Trial

2. Purchase a subscription to World Oil magazine and gain immediate and complete access to World Oil Online. As a Total Access subscriber you will have access to all areas of the site available to registered users and free subscribers as well as having access to such premium content areas as:

  • The Archives section containing over ten years of complete magazine archives,
  • The WO DataHub's engineering tables and directories,
  • The World Oil annual forecasts, including past predictions,
  • Select World Oil technical handbooks,
  • And much, much more!


Physical copies of this content may be available for purchase. Visit the Reprints & Back Issues section.

If you are already a paid subscriber and do not have access, please email



Engineering Data Tables

World Oil's specialized upstream Engineering Data Tables featuring the Drill Bit Classifier, Tubing Tables and more. Get Total Access today.


2013 Fracturing Technology

2013 Fracturing Technology