Industry at a glance
World oil supply in April grew to 85.5 million bpd, while 2007 global demand was revised down slightly to 85.7 million bopd.
World oil supply in April grew to 85.5 million bpd, while 2007 global demand was revised down slightly to 85.7 million bopd. IEA predicts demand will swell by 1.6 million bopd in the month of June, and the agency has criticized OPEC for failing to boost its production levels amidst this increase in demand and prices. Meanwhile, OPEC reduced the 2007 demand forecast for its oil by 120,000 bpd, to 30.28 million bpd. Regarding world oil prices, Brent Blend maintains an unusual premium to West Texas Intermediate. In April, WTI fell $3.60 below Brent. The last time a discrepancy of this magnitude occurred was in May 2002, when WTI fell about $2.30 below Brent. One cause is that several WTI refineries have been down, creating an all-time high crude oil inventory in Cushing, OK, the hub of WTI. Additionally, Canadian crude oil continues to increase in the Midwest, competing with WTI and driving down its price. |
- Applying ultra-deep LWD resistivity technology successfully in a SAGD operation (May 2019)
- Adoption of wireless intelligent completions advances (May 2019)
- Majors double down as takeaway crunch eases (April 2019)
- What’s new in well logging and formation evaluation (April 2019)
- Qualification of a 20,000-psi subsea BOP: A collaborative approach (February 2019)
- ConocoPhillips’ Greg Leveille sees rapid trajectory of technical advancement continuing (February 2019)