What the drilling rig count's ongoing climb says about the future of crude oil production

In this episode, World Oil editors discuss The North Face doubling down on its principled stand against well-paying American jobs, Russia wants to see OPEC+ production rise in February, and U.S. land regulators shrink Alaskan oil lease acreage.

Joe Biden's cabinet picks, and his interest in working with China to stage elections in Venezuela, will make 2021 a transformative year for fossil fuels. Wall street is already looking at ex-U.S. energy producers take up the mantle of growth from domestic shale plays, and an increasing drilling rig count suggests operators are trying to get ahead of potential new rules.

With the Paris Agreement's decarbonization plans suddenly not ambitious enough for the West, key Middle East producers see an opportunity, and are putting serious money down to cover their bet. In this episode, World Oil editors take a look at how ambitious renewable energy programs will depend on oil and gas technology to come to fruition, review the money moves Saudi Arabia, the UAE and Oman are making to fill the void they see Western producers leaving in the global oil market, regulatory shenanigans in Texas, and a still-climbing rig count that looks to exceed even the most optimistic recent projections.

It's a tale of two cities with the EU's largest oil producer swearing off production by 2050, as OPEC+ stalwarts Saudi Arabia and the UAE grapple over who will lead the group's drive to meet the world's future oil demand. World Oil editors discuss Denmark's grand plan to lead other oil-producing nations into OPEC's pocket, and how a climbing rig count in the U.S. and Canada is already impacting 2021 crude production models.

When OPEC+ meets this week in Vienna to decide how and when to increase oil output, impatient member states, surging Libyan production, and Chinese demand splitting off from the West will create headaches for ministers. Also, World Oil editors discuss how Arctic drilling plans in the U.S. and Norway are being motivated less by economics and more by geopolitical maneuvering, and the North American drilling rig count shows strength that exceeds even the most optimistic predictions from earlier in the year.    

In Alaska, Michigan and Norway, partisans on the left and right are sparring in the courtrooms to implement their vision for the future of energy. Operations from small shale plays to multi-billion-dollar offshore installations suddenly hang in the balance as the regulatory outlook becomes increasingly cloudy. World Oil editors discuss a few of these latest moves, and how oil companies are reacting, including: Trump tries to establish a foothold for drilling in the ANWR, just as Norway's Supreme Court prepares to decide on its Arctic drilling future; Michigan revokes a long-standing pipeline easement, with direct impact on Canada's refining capacity; The U.S. and Canadian drilling rig count continues its climb, and what this says about confidence in a Biden administration

Despite increased drilling activity and strong Q3 results across the board for the supermajors, Exxon Mobil spent the week slashing headcount and planning major asset sales to meet its dividend commitments. In this week's podcast, World Oil editors take a look at where drilling activity is picking up, and what that means for the timeline of a turnaround. Kurt and Cameron also summarize a tough week all around for Exxon Mobil, and some exciting exploration developments off Canada's eastern seaboard.    

While opinions differ on oil demand and production rates, a fourth week of growth in the rig count appears to prove some projections right, while invalidating others. World Oil editors discuss how the rig count reflects the magazine's recent Mid-Year Drilling Forecast outlook, and what more drilling means for some other industry leaders' ideas on the future of oil and gas production.

The past few weeks have seen extensive merger and acquisition activity in oil and gas, from new operators consolidating legacy field holdings to new, up-and-coming oilfield services providers. In today's podcast, World Oil editors review how these companies are positioning to drive a step change in how fossil fuels are explored and produced.

This week, World Oil editors discuss a seeming disconnect as drilling activity across the board continues to rise, while oil traders are expecting a long road to demand recovery. Also, Venezuela and Iran flout U.S. trade sanctions with more crude and refined product shipments; and Libya's post-civil-war oil export recovery looks set to create challenges for the continuing OPEC+ production agreement.