Industry at a glance
Vol. 225 No. 3 On February 10, OPEC cut its output 1.0 million bopd, effective April 1. January data from IEA indicate that, on a percentage basis, Nigeria has been the worst, large violator, producing 332,000 bopd abov
On February 10, OPEC cut its output 1.0 million bopd, effective April 1. January data from IEA indicate that, on a percentage basis, Nigeria
has been the worst, large violator, producing 332,000 bopd above the old quota level, or 16.5% too high. Other notable quota cheaters included Qatar (115,000 bopd, or 18.1%
too high) and Libya (168,000 bopd, or 12.8% too high). After substantial gains over the previous several months, global output leveled out during January, at 81.9 million
bopd. Canadian drilling is at a near-record pace, with January rigs running 15.6% higher than a year earlier. Active US rigs were also up 29%, paced by large gains in Texas
and Oklahoma. Rigs outside the US and Canada were up 9%, led by a 23% increase in Latin America. The WTI oil price remains at well over $30/bbl.
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