Low demand for crude caused by economic restrictions from Covid-19 lockdowns, combined with uncertainty about additional U.S. fiscal stimulus, caused oil benchmarks to decline in September, with WTI and Brent posting losses of 6.4% and 8.6%, respectively. Prices recovered after Hurricane Delta forced operators to shut-in 80% of GOM oil output. Production in the U.S., Russia and Saudi Arabia was essentially unchanged in August, but the Saudis project oil to be $50/bbl for the next three years, suggesting Aramco will take a more aggressive role in restricting supply. After plummeting to an all-time low of 244 rigs on Aug. 14, U.S. activity rebounded, averaging 256 over the next six weeks and climbed to 269 the week ending Oct. 9. International activity averaged 762 rigs in September, just 38 fewer than reported 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)
- 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)
