This Week’s Market Buzz

• At press time, West Texas Intermediate crude futures were trading above $122 per barrel, while Brent Crude was trading above $123 per barrel.

• Permian oil production growth is set to outpace OPEC heavyweight Iraq this year and next as demand for oil surges on historically tight supply, Rystad Energy research shows. Total oil output from the Permian, including both conventional and unconventional, is forecast to grow by almost 1 million barrels per day (bpd) this year, jumping from 4.7 million to 5.6 million bpd, before climbing further to around 6.5 million bpd in 2023. By contrast, Iraq’s output will grow by some 600,000 bpd in 2022 and 400,000 in 2023.

• Halliburton announced that it and Aker BP, a Norwegian oil and gas exploration and production company, will co-develop next generation field development planning software. The collaboration delivers a new cloud application – Field Development Planning (FDP) – from Halliburton. It also expands the scope of the current Digital Well Program, a DecisionSpace 365 cloud application, built on an open architecture to provide integrated well planning and design to increase collaboration and connectivity across drilling activities.

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