Industry at a Glance
Crude prices continued on an upward trajectory, as the OPEC+ production cuts took effect, while a severe winter storm halted 4 MMbpd of U.S. oil output, mainly from the Permian basin and Eagle Ford. The spike in commodity prices might be short-lived, as production in Texas is expected to ramp back up faster than refineries, causing excessive crude supply. Spot prices for WTI, Brent and Dubai Fateh all gained approximately 10% in January, averaging $52.00, $54.77 and $54.16/bbl for the month. U.S. drilling activity continued to recover, averaging 369 units in January, a 9% gain compared to the 339 reported in December. The majority of the increase was in Texas, which added 15 rigs to average 170 in January. International activity was essentially unchanged, averaging 757 rigs in December, just seven fewer than in November.
- 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)
