Industry at a glance
Vol. 225 No. 3 On February 10, OPEC cut its output 1.0 million bopd, effective April 1. January data from IEA indicate that, on a percentage basis, Nigeria has been the worst, large violator, producing 332,000 bopd abov
On February 10, OPEC cut its output 1.0 million bopd, effective April 1. January data from IEA indicate that, on a percentage basis, Nigeria has been the worst, large violator, producing 332,000 bopd above the old quota level, or 16.5% too high. Other notable quota cheaters included Qatar (115,000 bopd, or 18.1% too high) and Libya (168,000 bopd, or 12.8% too high). After substantial gains over the previous several months, global output leveled out during January, at 81.9 million bopd. Canadian drilling is at a near-record pace, with January rigs running 15.6% higher than a year earlier. Active US rigs were also up 29%, paced by large gains in Texas and Oklahoma. Rigs outside the US and Canada were up 9%, led by a 23% increase in Latin America. The WTI oil price remains at well over $30/bbl. |
- 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)