Industry at a glance
Vol. 225 No. 5 In February, OPEC spoke of returning oil back to the $25-28/bbl basket of prices. However, West Texas Intermediate (WTI) has been trading on the New York Mercantile at around $35/bbl. OPEC's decision to c
In February, OPEC spoke of returning oil back to the $25-28/bbl basket of prices. However, West Texas Intermediate (WTI) has been trading on the New York Mercantile at around $35/bbl. OPEC's decision to cut output seems calculated to keep prices high. WTI prices have risen $5 to $6/bbl from last November. EIA predicts OPEC will cut production by about 1.5 MMbopd, a significantly smaller cut than implied by a literal reading of OPEC's March 31 announcement. US oil production remained relatively unchanged from last month, largely attributed to 4% and 5% increases in Louisiana and Alaska respectively, even though most states declined slightly, and Texas output dropped 3.2%. International geophysical activity is down 23% from this time last year, reflecting the reluctance of some majors to spend capital on exploration. US and Canadian drilling remain well ahead of year-ago levels. Worldwide, contracted offshore rigs are steady. |
- 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)