Industry at a glance
March global oil supply fell by 380,000 bpd to 83.04 million bpd, as OPEC members continued to fall in line with the group’s target output levels. OPEC’s output stands 720,000 bpd above a 24.9 million-bpd target agreed upon at the group’s March 15 meeting. The IEA revised its 2009 global oil demand forecast down by 1.0 million bpd after much lower-than-expected first-quarter demand data. The IEA now forecasts 2009 demand at 83.4 million bpd, 2.4 million bpd below 2008 levels. The rate of contraction is near early 1980s levels. The US rotary rig count continued to fall, averaging 1,105 for March, down from 1,320 in February and 1,797 in 2008, a 16% decrease and 39% decrease, respectively. The international rotary rig count has begun to follow the US trend. International numbers were down to 1,008 in March from 1,233 in February and 1,262 in 2008. |
- 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)
