Forecast

Article
February 2022
Despite higher oil prices, U.S. shale operators have (until recently) resisted ramping-up drilling activity and remained disciplined with capital expenditures.
Article
February 2022
Worldwide E&P spending is set to increase 16% in 2022, extending the 5.5% growth experienced in 2021. The first coordinated global upturn since 2018 will be led by North America, but ambitious capacity growth targets in the Middle East, Latin America and Africa will drive international capex gains.
Article
February 2022
The upstream industry must play a defensive holding action until the U.S. mid-term elections.
Article
February 2022
As the global economy recovers from the pandemic, indicators have shifted to a positive outlook for the first time in many years. But politics, especially in Canada, have cast a pall over any potential turnaround for the Canadian industry.
Article
February 2022
The average U.S. rig count for 2021 increased almost 9% from the previous year, though companies remained cautious with ramping up drilling activity.
Article
February 2022
U.S. oil production decreased mildly during 2021. A surge in gas prices during 2021 was influenced by increased demand despite Omicron and geopolitical unrest in Europe.
News
April 26, 2021
A sustained uptick in commodity prices on the back of a recovering global economy is set to bolster a turnaround in industry fundamentals over the coming 12 to 18 months.
News
March 17, 2021
Global oil demand won’t return to pre-pandemic levels until 2023, and growth will be subdued thereafter amid new working habits and a shift away from fossil fuels, the International Energy Agency said.
Article
February 2021
Following a tumultuous 2020, global drilling rates outside the U.S. are a bit of a mixed bag for 2021. Lingering economic effects from shutdowns and travel restrictions are impeding recovery in regions like Africa and Eastern Europe, while Western Europe and South America are finding their stride.
Article
February 2021
Despite an historically low, 54% decline in drilling activity, U.S. oil production was down just 7.6% on a year-over-year basis, averaging 11.318 MMbopd in 2020. The loss in U.S. output could have been more drastic, but OPEC+ did a masterful job of curtailing production during the year to support benchmark prices.
Article
February 2021
A meaningful recovery in U.S. drilling activity during 2021 will be hampered further by President Biden’s Executive Order that indefinitely blocks new leases and drilling permits on federal lands and waters for up to a year.
Article
February 2021
Worldwide E&P expenditures should increase 6.8% in 2021, recovering partially from a 25.3% collapse in 2020. The first coordinated global upturn since 2018 will be led by a stronger rebound in select International regions.
Article
February 2021
The oil and gas business had an exceedingly difficult time in 2020. There are signs that activity may be improving, but it’s hard to compare against a year that felt like rock bottom, and to forecast in the shadow of a pandemic.
Article
February 2021
On his first day as President, Biden recommitted the U.S. to the Paris Climate Agreement, rescinded the construction permit for the Keystone XL oil pipeline, and ordered federal agencies to begin reinstating over 100 environmental regulations rolled back by Trump—including ones governing methane leaks from O&G wells and greenhouse gas (GHG) emissions from vehicle tailpipes.
News
February 09, 2021
Supply from new oil wells will exceed declining flows from wells already in service, raising overall crude production from the second half of this year, the U.S. Energy Information Administration said in its Short-Term Energy Outlook.
News
January 14, 2021
Over the long-term, the impacts of behavioral shifts due to COVID-19 are minor compared to “known” long-term shifts such as decreasing car ownership, growing fuel efficiencies and a trend towards electric vehicles, whose impact is estimated to be three-to-nine times higher than the pandemic’s by 2050.
News
September 21, 2020
World Oil has finished compiling the 2020 mid-year forecast update for drilling and production and, if projections hold true, the number of oil wells drilled in the U.S. annually will reach lows not seen since the 1930s, or even further back.
News
April 09, 2019
The future of the oil market may resemble the past―specifically the 1990s― according to Goldman Sachs Group.
News
January 11, 2018
EIA’s January Short-Term Energy Outlook forecasts Brent crude oil to average $60/bbl in 2018 and $61/bbl in 2019, slightly higher than the $54/bbl average in 2017. In both 2018 and 2019, EIA expects total global crude oil production to be slightly greater than global consumption, with U.S. crude oil production increasing more than any other country.
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