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In November, lower OPEC oil production countered higher OECD supply, resulting in an overall global decline of 50,000 bpd. IEA forecasts a 1.7% increase in world oil demand for 2007, bringing the figure to 85.9 million bpd. The US Workover rig count declined for the sixth consecutive month, this time by 2.6%, while the US Rotary rig count declined 1.6%. For the first time in 2006, the International Rotary rig count fell below 2005 levels with 98 fewer units than one year ago. US gas prices decreased slightly in December, standing equal with August '06 prices. November oil prices saw slim upward adjustments and continued to hover around $60/bbl. A Lehman Brothers survey predicts a slower pace of E&P spending in 2007. Following 20% and 30% spending increases in 2005 and 2006, spending in 2007 will increase only 9%. In the Gulf of Mexico, 26 discoveries were announced in 2006, versus 44 in 2005.
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