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The oil price crash of 2014–15 sparked a difficult recalibration between upstream oil revenue and oil field development costs. The slowdown in upstream activity led to an oversupply in the markets for equipment, materials, and labor—and thus the costs of these inputs declined dramatically. Oil producers have built o
This is a collaborative article by Michael Ryan, Sara Johnson and Antonia Bullard. On balance, the global economy is expected to accelerate in 2017 but not without considerable risks that have the potential to disrupt world output and trade. Global real GDP growth will strengthen in 2017–18, led by better performan
In gas wells, liquid loading takes place when the gas rate is not high enough to lift liquids (e.g. water and/or condensate) to the surface. Engineers are often tasked to identify and correct this type of production problem through operational changes (e.g. reducing wellhead pressure). Similarly, based on field experience, engineers can plan in advance the