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February world oil supply fell 65,000 bpd, despite higher output from the UK, Canada, Kazakhstan, Brazil, Angola and Iraq. Within that figure, OPEC supply declined 125,000 bopd. The US experienced one of its coldest Februarys in 30 years, resulting in a sharp increase in demand. The IEA predicts that global oil demand grew 1% in 2006 and will grow 1.8%, to 86 million bopd in 2007. Sabotage cost Iraq $6.3 billion in lost oil export revenue during 2006.
Rotary and workover rig counts are up across the board. Canada’s workover count increased 27 units in February and was up five rigs from the same month a year earlier. The international rotary rig count grew 74 units, or 4.6%, similar to the trend a year ago. In the US, workover rigs rose by only one unit, but the rotary rig count increased 22. Seismic crews are also on the rise. The US crew count is up by three and the international crews are up 20, or 7.7%.
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