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In June, IEA increased its 2006 world oil demand forecast by 1.2 million bpd, to total 84.8 million bpd. In 2007, demand is expected to increase, particularly in North America and non-OECD Asian countries. In its first-ever Medium-Term Oil Market Report, IEA said that global oil product demand will increase annually by 8.9 million bpd from 2006 to 2011, depending on political and economic factors, with the Middle East and China accounting for almost 45% of the demand expansion.
In July, New Zealand granted seven exploration permits offshore in the Taranaki, Wanganui, East Coast and Southland areas. In Saudi Arabia, the Ministry of Petroleum and Mineral Resources announced a new gas find in the Eastern Region, about 50 km south of Ghawar field. Average condensate flowrate was 1,400 bpd, with 20 MMcfd of associated gas. Active rotary rig rates continue to run at 20-year highs in North America. The US workover rig count is at an 18-year high.
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