Updated on April 2, 2024
This State of the National Oil & Gas Industry report aims to provide a comprehensive analysis of transportation and logistics for the oil & gas industry, shedding light on its key drivers, trends, and emerging technologies. By examining the current landscape and forecasting future developments, we seek to equip executives, industry managers, and stakeholders with valuable insights to navigate the ever-evolving logistics landscape.
Highlights for the oil & gas report include:
- Following its members’ extension of voluntary production cuts to at least Q3 2024, OPEC+ has stated that it plans to keep official quotas at current levels.
- According to research from Enverus, Q4 2023 saw upstream M&A activity reach a record high of $144 billion, with the majority of deals centered around the Permian Basin.
- West Texas Intermediate crude prices came close to $83.50 per barrel in mid March, though prices have since declined despite recent draws.
- Domestic crude oil production recovered somewhat in February, with similarly steady growth expected until Q4 2024 — after which production is set to catch fire.
- Capacity remains looser than it did in pre-pandemic years, but more niche equipment types are staying tighter than the general market.
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