Industry at a glance
Crude futures surged above $70/bbl, as Middle East tensions flared after a U.S. drone attack killed an Iranian military leader in January. It was the first time that benchmarks surpassed $70/bbl, since an Iranian-sponsored attack on Saudi Arabia’s production facilities in September. The spike comes despite record-high Russian production in 2019, even as it curbed output under an agreement with OPEC. Spot prices also trended upward, with WTI ($59.21) and Brent ($66.70) up 3.8% and 5.5%, respectively, in December, as Persian Gulf producers stepped up implementation of cutbacks. However, drilling in U.S. shale fields continued to wane, with y-o-y declines of 64% in Oklahoma, 47% in Pennsylvania, 35% in Colorado and 20% in Wyoming, Ohio and Texas RR District 8. International activity decreased 43 units, to average 1,232 in November.
- 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)
