October 2011
News & Resources
Industry at a glance
Crude oil supplies continued to fall in the US, as the economy softens and demand follows. From one year ago, production is off 5.5%, with the trend likely to continue. Worldwide, crude production gained slightly over the previous month. Prices have fallen with the gap between US WTI benchmark and Europe’s Brent Blend growing narrower. With both the availability of credit improving and companies’ balance sheets stronger than they were two years ago, the oil and gas industry is better prepared if a second global recession does develop. If average prices stay above $80/bbl, companies’ development plans are not likely to change, particularly in the liquids-rich onshore plays.
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Vol. 232 No. 10
Crude oil supplies continued to fall in the US, as the economy softens and demand follows. From one year ago, production is off 5.5%, with the trend likely to continue. Worldwide, crude production gained slightly over the previous month. Prices have fallen with the gap between US WTI benchmark and Europe’s Brent Blend growing narrower. With both the availability of credit improving and companies’ balance sheets stronger than they were two years ago, the oil and gas industry is better prepared if a second global recession does develop. If average prices stay above $80/bbl, companies’ development plans are not likely to change, particularly in the liquids-rich onshore plays.
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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)
