Industry at a glance
OPEC crude oil production averaged 29.4 million bpd in October, down 0.16 million bpd from September
OPEC crude oil production averaged 29.4 million bpd in October, down 0.16 million bpd from September, while non-OPEC October output rose to about 51.7 million bpd. In line with typical fourth-quarter upward cycles, oil demand in the US and other OECD countries has begun rising. This should continue through the end of 2006. Following October’s four-year low registered in the US gas price index, the November index figure increased 75%. It now stands at its highest level since last February, but this is still 41% lower than one year ago. Some of this effect is due to the return of gas output knocked offline in the Gulf of Mexico by the 2005 hurricanes. Gas prices are expected to steadily increase in coming weeks. World oil prices are lingering between $55-$60/bbl, but OPEC desires to keep the price well above $60. The international seismic crew count is down, particularly in Europe, where it fell 41% in November. |
- 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)