Key nations keep pumping despite oil price decline

After several years of high oil prices, the upstream industry got a sharp reality check, when prices started to head southward in late 2014. While many observers were, at first, expecting a recovery toward the latter quarter of 2015, oil continued its downward descent throughout the year, before reaching a fresh low in January 2016. To date, North America has taken the brunt of the downturn; however, the impacts of lower-for-longer oil prices are being felt by operators and service companies across the globe. Production has, however, continued to exceed demand. Global output of crude and condensate grew at an astonishing rate of 3.9%, to average 81.6 MMbpd.

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