Industry at a glance
Saudi Arabia’s oil production was cut by half after explosive drones struck the kingdom’s largest crude-processing plant. The attack caused Brent futures to jump $11.70/bbl to $72/bbl, immediately after the bombing. Despite the severity of the damage, Aramco recovered quickly and was producing 9.9 MMbopd by Sept. 25. U.S. production hit another record high in August, when gushing shale fields pushed output up 2.6%, to 12.35 MMbopd. Russian production rose to 11.29 MMbopd, the country’s highest level since March. Despite increased production, escalating Middle East tensions, and the revealed vulnerability of Saudi infrastructure to attack, caused worldwide benchmarks to climb in September. Drilling activity in the U.S. averaged 878 units in September, 5.2% less than in August. International activity decreased three rigs, to average 1,280 in August.
- 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)
