Tag Archives: baker hughes

Oil Production Vital Statistics November 2016

In October, global total liquids production hit a new record high of 97.84 Mbpd led by OPEC and Russia! This was caused largely by the scramble to boost production ahead of production cuts with a datum on October 2016. The US rig count continues to rise and US production has stopped falling. The rest of the oil production world outside of OPEC, N America and Russia continues to suffer under the weight of low oil price. Continue reading

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Oil Production Vital Statistics May 2016

The big news in April’s production numbers is the surge in global production by 250,000 bpd that is largely down to a 300,000 bpd surge from Iran that the IEA now deems to be producing at capacity. The oil price rally continued through May into June with Brent now over $50 supported by the Fort McMurray black swan and growing unrest in the Niger Delta that the WSJ reports has knocked 1 Mbpd off Nigeria’s production. Continue reading

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Oil Production Vital Statistics October 2015

The “big news” this month is that the banks granted over leveraged, loss making shale oil drillers a stay of execution by continuing to provide credit lines. Consequently, there was no major move in US oil drilling or production though both are trending down. Continue reading

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Blowout week 69

The oil just keeps on coming: More on the oil glut below the fold, plus fracking and earthquakes in the US, grass-to-gas conversion in UK, Drax pellet demand, nuclear in Japan and China, coal miners march in protest in Germany, Pakistan bans wind and solar, the Yellowstone “supervolcano”, the zero-carbon airliner of the future (complete with CO2 scrubber), the GWPF launches an enquiry into adjustments to temperature records (h/t A.C. Osborn) and how the tragic deaths in the Mediterranean are precisely in line with the predictions of climate security analysts.
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Rig Count Update March / April 2015

The global rig count statistics published by Baker Hughes provide a crucial industry activity indicator and some of the most up to date industry statistics available. This is a short report updating international statistics to March 2015 and US statistics to 10 April 2015. Continue reading

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Oil Production Vital Statistics: April 2015

Global oil production is declining slowly but remains just above its long-term trend. Just over 94.04 Mbpd was produced in February.

The recovery in the oil price in February reversed in March and WTI has tested its January lows. Spreading conflict in the Middle East adds further complexity to the price dynamic.

The plunge in US oil rig count has slowed significantly although still falling slowly. This may signal a new phase of the oil price war that is discussed at the end of this post. Continue reading

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Middle East OPEC Oil Rig Count Jumps 14%

As if to rub salt in the wounds of the US shale industry, Middle East OPEC oil rig count has jumped by 19 rigs to 155 units in February 2015 setting a new rig count record for the region. Continue reading

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