Oil output rises, but will it be too much? Inflation set to rise 10%-15% Rig count has risen 5% so far in 2022 The first week of upstream producers’ Q4 conference calls have revealed robust results, with predicted production growth in 2022, but have also highlighted some problems afoot including relatively high inflation, supply chain crunches and concerns of demand destruction from too much oil supply. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now Operators Hess, Murphy Oil, Chevron, ExxonMobil, and ConocoPhillips all expect production increases this year: Hess and ExxonMobil from their second Guyana development, due online in a few weeks, and Hess from a third rig placed in the Bakken Shale of North Dakota. Murphy likewise expects growth from its new King’s Quay hub in the US Gulf of Mexico, and ConocoPhillips, Chevron and ExxonMobil see increased production from the […]