Industry at a glance
Oil markets turned significantly stronger in October on higher-than-expected demand, lower OECD inventories and a weaker dollar.
Oil & Gas Industry Statistcs from World Oil Magazine's February Issue Marker crudes approached $100/bbl in early January, prompting concerns over the impact of high prices on the global economic recovery. Global oil supply fell by 70,000 bpd to 86.43 million in December, as non-OPEC output was reduced on short-lived outages. US oil production saw an increase of 81,000 bpd throughout December, with the most notable rises in Alaska and Texas. Also, a fire at a Canadian oil sands upgrader cut January output. Though gas prices continued to rise throughout January to hit a six-month high of $4.06/Mcf, they fell significantly short of last January’s $5.87/Mcf. The US and international rotary rig counts remained relatively unchanged, with both seeing changes of a mere 1%, to 1,712 and 1,610, respectively. The international seismic crew count saw an increase of 10 new seismic crews working between December and January, to a total of 378, with the largest increase, of seven crews, in Canada.
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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)
