Industry at a Glance
In June, OPEC reduced oil production to 22.69 MMbpd, its lowest level since the Gulf War in 1991, as the cartel escalated efforts to revive global crude markets, and Covid-19 continued to crush demand. The reductions come after record cuts in May, by Saudi Arabia (–29%) and Russia (–17%), which slashed output to 8.5 MMbopd and 9.4 MMbopd, respectively. The cooperative effort by OPEC+ has doubled crude prices since April, with WTI and Brent averaging $38/bbl and $41/bbl in June. U.S. drilling activity fell to another all-time low of 265 rigs during the week of June 26. That’s 696 fewer rigs than working in June 2019, and was the eighth consecutive week that the U.S. count fell to a new record low. International activity averaged 828 rigs in May, 368 fewer than reported one year ago.
- 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)
