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According to the IEA, world oil supply increased by 1.4 million barrels a day in October as non-OPEC outages receded and OPEC volumes increased. Global demand has been revised down by 0.5 million barrels per day to 85.7 million bpd for 2007. These revisions extend to the 2008 forecast, which has been adjusted down by 0.3 million bpd to 87.7 million bpd. OPEC crude supply increased in October by 410,000 bpd to 31.2 million bpd, with half the increase coming from Angola and Iraq, with both producers expecting to see higher supplies continue in November.
Crude futures continued to surge this month, with WTI hitting a new record of above $98 per barrel in early November. According to the EIA, fourth quarter 2007 WTI prices are expected to continue to remain high at around $87 per barrel. Another production increase by OPEC is possible if prices continue to climb to near the $100 mark.
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