Industry at a glance
Vol. 225 No. 4 Whether or not OPEC will follow through with its April output cut remained to be seen at press time. Nevertheless, latest monthly figures (February) show that total world oil supply has been at an 82-mill
Whether or not OPEC will follow through with its April output cut remained to be seen at press time. Nevertheless, latest monthly figures
(February) show that total world oil supply has been at an 82-million-bpd plateau over the last three months. The only output gain of any significance was an 80,000-bopd
increase in the Former Soviet Union. Although US geophysical activity was down slightly from a month earlier, it was still ahead of the same month last year, indicating some
stabilization of activity. International drilling is running ahead of last year, about 3% for onshore rigs and nearly 8% for offshore activity. The latter is due mostly to a
doubling of rigs offshore Mexico. Canadian land drilling remains at a white-hot pace, at 565 rigs. Active US onshore rigs are up 28%, but offshore drilling is down 10%. |
