Industry at a glance
August global oil supply fell by 360,000 bpd, with the United Kingdom falling the most, from 1.52 million bpd in July to 1.08 million bpd in August.
August global oil supply fell by 360,000 bpd, with the United Kingdom falling the most, from 1.52 million bpd in July to 1.08 million bpd in August. The IEA’s global oil demand forecast was revised upward by nearly 500,000 bpd for both 2009 and 2010, to 84.4 million bpd and 85.7 million bpd, respectively, mostly on stronger-than-expected data in OECD North America and non-OECD Asia. The IEA also noted that global refinery crude run projections for third-quarter 2009 were revised upward to 72.1 million bpd, an increase of 200,000 bpd from last month’s report, due to higher demand estimates and a lower US hurricane adjustment. Despite those increases, OPEC said it would keep its current production quotas unchanged. Although international rigs fell for August, US rig counts increased slightly for the month, with US rotary rigs increasing by 5% and US workover rigs increasing by 2%.
|
- 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)
