Industry at a glance
EIA’s latest estimate of 2006 world oil demand is 84.9 million bpd.
EIA’s latest estimate of 2006 world oil demand is 84.9 million bpd. Chinese and US oil demand are now expected by EIA to run 250,000 and 430,000 bpd higher in second-quarter 2006, respectively. May’s world oil supply was up 445,000 bpd, with 270,000 bpd of that increase provided by members of OPEC. Meanwhile, the Natural Gas Supply Association forecasts that natural gas prices will stay flat this summer, due to slightly cooler weather forecast, compared to 2005’s 10th hottest summer on record. This will be offset by increased economic demand and flat output. US oil production continued to be down noticeably from a year earlier, although much of that is still due to some output remaining off-line in the Gulf of Mexico. The overall US drilling rig count is at its highest level for this time of year since 1985. By contrast, Canada’s May rig count was slightly under the same month total in 2005. International drilling is more than 5% ahead of last year’s pace, with the Middle East up 21%. |
- 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)