Industry at a glance
Vol. 226 No. 6 OPEC members are producing at their maximum capacities in April, still adjusting to last year’s hi
OPEC members are producing at their maximum capacities in April, still adjusting to last year’s high stocks and prices. According to the IEA, Algeria and Nigeria produced at their exact surplus levels, with Saudi Arabia quickly gaining momentum. Monthly production in Saudi increased by 100,000 bopd in April, with the intention to raise capacity to 12.5 million bopd by 2009. Domestically, production from a year ago is down 3%, with Texas supplying the biggest loss of 98,000 bopd, followed by Alaska with 55,000 bopd. Meanwhile, despite the 243-rig dip in international rotary rigs in
April, the count remains 91 rigs higher than a year ago. US drilling is up 16% from last year, with Texas contributing over half of the rigs. Canadian drilling is down
but 79% higher than last year. International geophysical activity is up almost 50% from last year, thanks to the CIS region, followed by the US and Latin America. |
