Industry at a glance
Benchmark crude futures were range-bound in September but by early October had breached the $80/bbl mark.
Oil & Gas Industry Statistcs from World Oil Magazine's November Issue Benchmark crude futures were range-bound in September but by early October had breached the $80/bbl mark. Stronger demand, a rebound in financial markets, a weaker dollar and a major strike at French ports converged to propel prices higher. IEA revised global oil demand for 2010 and 2011 up by 0.3 million bpd on average to 86.9 and 88.2 million bpd, respectively, on much stronger than expected third-quarter readings, notably in the OECD. Global oil supply rose by 230,000 bpd to 85.13 million bpd in September. IEA raised its 2011 non-OPEC supply forecast by 150,000 bpd to 53.1 million bpd on stronger US, Canadian and Chinese output, growing from 52.6 million bpd in 2010. The international rig count dropped slightly by 1.9% to 1,561, while the US rotary rig count added 17 units. International geophysical activity rose significantly in September to 361 seismic crews worldwide.
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- 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)
