Industry at a glance
Global crude markets showed resilience in June when both Brent and WTI rallied to a 2016 high above $51/bbl, due to continuing outages in Nigeria and Canada, as well as a 1.7% decline in U.S. production. Global output fell by approximately 800,000 bopd in May, despite Russian output of 10.83 MMbopd, just short of a record high. Since the lifting of the U.S. oil export ban, the differential between WTI ($48.84) and Brent ($50.25) has become less of a factor, with a price difference of just $1.41 at the time of writing. The stability in crude prices caused the U.S. rotary rig count to rebound, to average 417 units in June, an increase of about 2%. An uptick in offshore activity helped push the average international rig count up to 1,004 in May, an increase of 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)