Industry at a glance
Crude oil prices, which bottomed out in January, stabilized in February and March, with Brent Blend finding the most support, settling at around $56 to $58/bbl. West Texas Intermediate stayed in a range from $46 to $52/bbl. Falling rotary rig counts in the U.S. have yet to make a noticeable impact on world crude inventories, and, in fact, global supply rose, year-on-year, about 1.0 MMbpd to 92.22 MMbpd (excluding biofuels). Worldwide oil demand has continued to rise since mid-2014, and the International Energy Agency projects overall 2015 demand growth to average 93.5 MMbpd. U.S. rotary rigs continued to slip during March, hovering just above 1,100 units by the end of the month. The worldwide count, excluding Canada, held steady.
- 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)