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The June international rotary rig count continued creeping back up following its low in April, largely due to the climb in Canada, which increased by 131 rigs. More rigs have been running overall in 2008 than in 2007, with increases in both the US workover and rotary rig categories-173 and 131 respectively. International geophysical activity is also much higher in 2008 than in 2007, with the number of seismic crews working increasing from 277 to 452.
June global oil supply increased by 300,000 bpd to 86.08 million bpd. After several months of cuts, IEA increased its 2008 global oil demand forecast to 86.9 million bpd, 80,000 bpd above last month’s estimate. High oil prices contributing to a decrease in OECD demand are offset by strong growth in developing economies and strong non-OECD consumption. OPEC supply increased to 32.4 million bpd from 32.07 million bpd on supply increases from Saudi Arabia and Iran.
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