Industry at a glance
Oil markets turned significantly stronger in October on higher-than-expected demand, lower OECD inventories and a weaker dollar.
Oil & Gas Industry Statistcs from World Oil Magazine's January Issue Cold winter weather following exceptional third-quarter global demand growth pushed oil prices to two-year highs of $90/bbl by early December. Global oil supply rose by 460,000 bpd to 86.27 million in November, largely due to increased non-OPEC production, notably from Canada, Kazakhstan and Brazil. Gas prices recovered from their 2010 low of $3.18/Mcf to settle around the $4/Mcf mark in mid-December. The US rotary rig count remained essentially unchanged, while the number of international rigs rose by 3%, with the largest increases in Canada and Latin America. While three new seismic crews began working in the Mid-Continent region of the US, the number of crews in the Rocky Mountains, Southwest and Gulf Coast regions each fell by one. Internationally, Canada added three additional crews, while Africa and Europe each lost one working crew.
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- 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)
