Industry at a glance
Vol. 224 No. 8 Sensing an opportunity to seize market share abdicated by Iraq, producers in the Former Soviet Union have been ramping up their oil production. FSU output averaged between 10.11 and 10.16 million bopd dur
Sensing an opportunity to seize market share abdicated by Iraq, producers in the Former Soviet Union have been ramping up their oil production. FSU output averaged between 10.11 and 10.16 million bopd during May and June, or about 8% ahead of last year’s average. Saudi production is also running ahead of last year’s average, but not as far ahead as during the Iraqi war in the spring. Canadian output also continues to run ahead of last year, while US production is flat. Drilling activity is up almost everywhere from year-ago levels. Canadian rigs are running 54% higher, and a well count between 18,000 and 19,000 seems assured. US activity is up 27%, with encouraging gains in Texas, Oklahoma and Wyoming. Virtually every region outside North America is showing improvement, as well. |
