August 2022
Resources
Industry at a Glance
Rising interest rates and fear of economic recession caused crude prices to decline in July, despite restricted Russian supply.
Rising interest rates and fear of economic recession caused crude prices to decline in July, despite restricted Russian supply. WTI dropped 11.5%, falling to $101.62/bbl, with Brent trading at $111.93/bbl, down 8.8% compared to June. Higher commodity prices have caused U.S. operators to cautiously increase drilling activity, but high debt and a lack of bank financing have slowed the upturn. However, the U.S. rig count continued its upward trajectory, averaging 757 in July, up 2.6% from the 738 tallied in June. Texas gained six rigs to average 364, while New Mexico added five rigs, up to 111. International activity averaged 967 rigs in June, 57 more than were running in May. The gain was due mostly to a 49-rig increase in Canada.
About the Authors
Craig Fleming
World Oil
Craig Fleming Craig.Fleming@WorldOil.com
- The last barrel (February 2024)
- Oil and gas in the Capitals (February 2024)
- What's new in production (February 2024)
- First oil (February 2024)
- E&P outside the U.S. maintains a disciplined pace (February 2024)
- Prices and governmental policies combine to stymie Canadian upstream growth (February 2024)
- 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)
