Saudi Arabia reduced its crude output 660,000 bpd in September, to 9.13 MMbpd, and is willing to make deeper cuts to support prices amid surplus supply and weaker demand. Although Russian production declined 40,000 bopd, to 11.25 MMbopd, the total remained above the quota set by OPEC. U.S. operators completed 206 DUC wells in September, causing production to jump 67,000 bopd, to 12.41 MMbopd. Oil futures surged in late October, as U.S. supplies unexpectedly tightened, and the White House signaled progress on U.S.-China trade talks. Drilling in U.S. shale fields continued to wane, with y-o-y declines of 58% in Oklahoma, 35% in Ohio, 31% in Pennsylvania and 20% in Texas RRC District 8. Drilling activity in the U.S. averaged 848 rigs in October, 3.4% fewer than in September. International activity decreased 17 units, to average 1,263 in September.
- 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)