Industry at a glance
After a relatively stable month in September, crude oil benchmarks rallied in early October on expectations of lower U.S. output and rising tension in the Middle East. On Oct. 8, both standards closed higher, with ICE Brent trading at $53.55/bbl and NYMEX WTI at $49.67/bbl. During the second half of the month, both benchmarks slipped back and were trading in a lower range, similar to the previous month. World oil supply held steady near 96.6 MMbpd in September, as lower non-OPEC production was offset by an increase in OPEC crude. The U.S. rotary rig count has continued to drop, averaging 797 rigs in October. The international rig count rose to an average of 1,329 in September led by an 11-rig gain in the Middle East.
- 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)