Industry at a glance
After OPEC agreed to its biggest production cut in a decade, oil prices rose to 18-month highs on Jan. 3, as reductions by Kuwait and Oman indicated that the organization was delivering on its promised cutbacks. Futures also climbed, with WTI (NYME) for February priced at $55.20 and Brent (EX) for March settling at $58.20. The pledge that OPEC and 22 other producers made to reduce production will help reduce global inventories, if North American shale producers can resist the temptation to put more rigs back to work. U.S. oil production in Nov. was 8.7 MMbpd, up slightly from the month-ago rate, but only 6% less than a year earlier despite record-low drilling activity in 2016. U.S. rigs working averaged 634 units in December, up 56% from the all-time low of 407 set in May 2016.
U.S. GAS PRICES ($/MCF) AND PRODUCTION (BCFD) GRAPH
U.S. ROTARY DRILLING RIGS GRAPH
U.S. ROTARY DRILLING RIGS TABLE
U.S. DRILLED BUT UNCOMPLETED WELLS
U.S. OIL PRODUCTION TABLE
WORLD CRUDE OIL PRODUCTION, TOP THREE PRODUCERS
WORLD OIL PRODUCTION TABLE
SELECTED WORLD OIL PRICES GRAPH
INTERNATIONAL ROTARY RIG GRAPH
INTERNATIONAL ROTARY RIG TABLE
INTERNATIONAL OFFSHORE RIGS TABLE
- Management issues- Dallas Fed: Activity sees modest growth; outlook improves, but cost increases continue (October 2023)
- Industry at a glance (June 2023)
- Industry at a glance (May 2023)
- Management issues- Dallas Fed: Oil and gas expansion stalls amid surging costs and worsening outlooks (May 2023)
- Executive viewpoint (April 2023)
- Global offshore market is on the upswing (April 2023)
- 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)
