Industry at a glance
Russian oil production hit a post-Soviet high in September, when the country rolled back OPEC limits and pushed output up to 11.36 MMbpd. The surge is a response to supply losses from Iran/Venezuela and plateauing U.S. drilling activity. The fear over supply shortages helped drive crude benchmarks to four-year highs, with WTI and Brent averaging $70.80/bbl and $79.20/bbl. Saudi Arabia also upped its daily yield to 10.41 MMbopd after President Trump increased pressure on OPEC to lower commodity prices. Despite a 211 DUC well gain in the Permian, operators added five rigs in Texas District 8, averaging 322 units. The overall U.S. rig count averaged 1,053, three more than in August International activity increased 2.2%, to average 1,228 rigs in August.
U.S. GAS PRICES ($/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 OIL PRODUCTION TABLE
SELECTED WORLD OIL PRICES GRAPH
INTERNATIONAL ROTARY RIG GRAPH
INTERNATIONAL ROTARY RIG TABLE
INTERNATIONAL OFFSHORE RIGS TABLE
- 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)
