Industry at a glance
In spite of an OPEC agreement to cut production 4% from its peak output, the market remained skeptical that Saudi Arabia and its Gulf allies were willing to comply. In late October, Iraq joined the list of countries seeking an exemption from production caps. Nigeria lowered prices for its benchmark grades by approximately $1/bbl, in an attempt to capture additional market share. OPEC data indicate that even a maximum reduction would barely dent record stockpiles next year. Although President Putin has stated that Russia is ready to join OPEC in limiting production, the country set another post-Soviet-era record of 11.11 MMbopd in September. Regardless, global commodity prices remained resilient around $50/bbl. The U.S. rig count continued its ascent, averaging 543 units in October, 7% higher than the previous month. The international count gained 19 units, to average 1,089 in September.
U.S. GAS PRICES ($/MCF) AND PRODUCTION (BCFD) GRAPH
U.S. ROTARY DRILLING RIGS GRAPH
U.S. ROTARY DRILLING RIGS TABLE
U.S. DRILLED BUT UNCOMPLETED WELLS
U.S. OIL PRODUCTION TABLE
WORLD CRUDE OIL PRODUCTION, TOP THREE PRODUCERS
WORLD OIL PRODUCTION TABLE
SELECTED WORLD OIL PRICES GRAPH
INTERNATIONAL ROTARY RIG GRAPH
INTERNATIONAL ROTARY RIG TABLE
INTERNATIONAL OFFSHORE RIGS TABLE
- 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)
