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OPEC crude oil production averaged 29.4 million bpd in October, down 0.16 million bpd from September, while non-OPEC October output rose to about 51.7 million bpd. In line with typical fourth-quarter upward cycles, oil demand in the US and other OECD countries has begun rising. This should continue through the end of 2006. Following October’s four-year low registered in the US gas price index, the November index figure increased 75%. It now stands at its highest level since last February, but this is still 41% lower than one year ago. Some of this effect is due to the return of gas output knocked offline in the Gulf of Mexico by the 2005 hurricanes. Gas prices are expected to steadily increase in coming weeks. World oil prices are lingering between $55-$60/bbl, but OPEC desires to keep the price well above $60. The international seismic crew count is down, particularly in Europe, where it fell 41% in November.
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