Would you like to start a free subscription?
Remember me | Forgot password
For full content view: Log in Now!
Most of you will recognize the famous title from The Economist, when it confessed that its forecast of impending doom in oil supply “wuz wrong.” This midyear update of World Oil’s January forecast (published in the February issue) would seem to indicate that we were way too optimistic then, when we called for a 20% drop in US drilling, to 43,926 wells. Rigs were in freefall at the time, so we had to guess at where the bottom lay. We believe that we’ve now seen the worse. If this revised forecast holds, then US drilling will fall off to 37,966 wells, about 30% down from 2008. And even this may be too optimistic, as it is predicated on the bottom of a V-shaped recovery having already occurred and rig counts improving in the second half. Indeed, this revised forecast calls for the second half having 15% more wells drilled than the first half—which is entirely dependent on oil prices stabilizing at July’s levels, and gas prices gaining ground.
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.
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:
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 CustomerService@worldoil.com.
World Oil's specialized upstream Engineering Data Tables featuring the Drill Bit Classifier, Tubing Tables and more. Get Total Access today.
Bucharest - April 28-30
Houston, TX - May 5-8
Savannah, GA - May 5-8
All material subject to strictly enforced copyright laws.
© 2014 World Oil. © 2014 Gulf Publishing Company.