Forecast ///

World Oil 2022 Forecast - Downloadable Summary

World Oil has analyzed data to create 2022 drilling forecasts for the U.S., offshore and international.

World Oil 2022 Drilling Forecast Articles


World Oil has analyzed data to create 2022 drilling forecasts for the U.S., offshore and international.

2022 Forecast: U.S. proved reserves drop sharply


Operators revised their proved reserves downward in 2020 and postponed development drilling.

2022 Forecast: Activity outside North America will lead global recovery


Every region will post an increase, led by the Middle East, the Americas, Africa and the FSU. Offshore activity will grow at about the same pace as onshore drilling.

2022 Forecast: U.S. activity to jump as oil prices surge, companies adjust to energy transition

Craig Fleming, Kurt Abraham

Despite higher oil prices, U.S. shale operators have (until recently) resisted ramping-up drilling activity and remained disciplined with capital expenditures.

2022 Forecast: Global capex growth to accelerate

James West

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.

2022 Forecast: Oil and gas in the crosshairs

Dr. Roger Bezdek

The upstream industry must play a defensive holding action until the U.S. mid-term elections.

2022 Forecast: Positives try to outweigh the negatives in Canada’s upstream

Robert Curran

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.

2022 Forecast: U.S. operators respond cautiously to higher crude prices


The average U.S. rig count for 2021 increased almost 9% from the previous year, though companies remained cautious with ramping up drilling activity.

2022 Forecast: U.S. crude output falls slightly, natural gas rises


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.

Special Focus: 2021 Forecast & Review – International Drilling & Production

Cameron Wallace

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.

Special Focus: 2021 Forecast & Review – U.S. Reserves


U.S. proved reserves effectively unchanged

Special Focus: 2021 Forecast & Review – U.S. Oil and Gas Production


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.

Special Focus: 2021 Forecast & Review – U.S. Rotary Rig Count


U.S. rig counts crash to historic lows

Special Focus: 2021 Forecast & Review – U.S. Drilling

Craig Fleming, Kurt Abraham

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.

Special Focus: 2021 Forecast & Review – E&P Spending

James West

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.

Special Focus: 2021 Forecast & Review – Canadian E&P

Robert Curran

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.

Special Focus: 2021 Forecast & Review – Washington Outlook

Dr. Roger Bezdek

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.

Oil companies spend on investors, not output, prolonging crude crunch

Oil booms typically spark a chase for higher production -- but not this time. All five supermajors have kept their capital expenditure budgets firmly in check and pledged that this discipline will hold in future years.

Moody's: Outlook for the global energy industry revised to positive on higher oil prices, recovery in demand

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.

Despite localized growth, global oil demand won’t recover until 2023, per IEA

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.