Industry at a Glance: Oil and Gas Prices, Production, Rig Counts
Crude markets continued to strengthen in May, when unexpected supply disruptions in Nigeria, Venezuela and Canada reduced output by approximately 1.5 MMbopd. These outages, combined with falling U.S. production (8.8 MMbopd), caused stockpiles at Cushing, Okla., to decline by 3.4 MMbbl during the week ended May 6, and again by 4.2 MMbbl during the third week of the month. Russian production declined for the first time in nine months, averaging 10.8 MMbopd in April, with Saudi Arabia unchanged at 10.2 MMbopd. The combination of these factors briefly pushed WTI and Brent benchmarks above $50/bbl for the first time in six months. The international rig count dropped 67 units to average 1,001 working units in April. U.S. activity continued to plunge, dropping 7% to average 409 rigs in May.
- 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)