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According to the IEA, 2007 ended with an 870-kbpd increase in world oil supply, totaling 87 million bopd, with global supply in 4Q more than 1.0 million bpd higher than a year earlier. Contrary to the downward revisions in previous months, world oil demand was revised up by 150 kbpd to 85.8 million bpd for 2007 on stronger-than expected deliveries in Asia and the Middle East and cold OECD weather, but the 2008 demand forecast remained virtually unchanged at 87.8 million bpd.
Changes have been made to the World Oil and NGL Production table, Ecuadorian production is now included in the OPEC section. According to IEA, OPEC crude supply increased by 825,000 bpd to 32.0 million bpd in December, following the inclusion of 500,000 bpd from Ecuador and the remaining 325,000 bpd coming from restored UAE production and higher Iranian exports. Effective OPEC spare capacity fell to 2.2 million bpd, 80% of which was held by Saudi Arabia.
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Houston, TX - November 4-5
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