Industry at a glance
Vol. 224 No. 3 Despite Venezuela’s disrupted output, world oil production gained 1 million bpd vs. December’s level, averaging 75.58 million bpd before processing gains. Half of the increase came from higher o
Despite Venezuela’s disrupted output, world oil production gained 1 million bpd vs. December’s level, averaging 75.58 million bpd before processing gains. Half of the increase came from higher output in Saudi Arabia. Additional smaller hikes occurred in other OPEC members, and Brazil brought another 100,000 bopd onstream. Global drilling remained close to year-ago levels. Operators remained conservative, waiting to see if world oil demand picked up while also worrying about potential war in Iraq. However, onshore rigs did show a noticeable pick-up. Unstable geopolitics pushed oil and gas prices still higher during January, with premium grades well above $30/bbl. Geophysical activity lost more ground, although Canada and the Far East exceeded month-ago and year-ago levels. |
