April 2020
News & Resources
Industry at a glance
Oil benchmarks suffered historic losses after the Coronavirus crushed demand and raised fears about dwindling storage capacity during an all-out price war between Russia and Saudi Arabia, which flooded the market with product. The combination of issues caused WTI ($30/bbl) and Brent ($34/bbl) to plummet 40% and 38%, respectively, in March. Prices for oil in storage dropped further in April, with Brent assessed at $17.80/bbl and WTI at $10/bbl. Despite the plethora of bad news, drilling activity in the U.S. declined just 2.4%, with an average of 771 rigs running in March, only 19 less than tallied in February. International drilling activity increased 52 rigs, with Canada adding 45 units, to average 1,334 in February.
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About the Authors
Craig Fleming
World Oil
Craig Fleming Craig.Fleming@WorldOil.com
- 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)
