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Violence to oil installations in Nigeria triggered an overall cut in May OPEC supply by 425,000 bopd, while world oil supply fell 565,000 bpd to 84.9 million bpd. Global oil demand was revised up to 86.1 million bpd, and IEA estimates demand will rise by 2.0% in 2007, as opposed to only 0.9% in 2006. The American EIA published its International Energy Outlook 2007 report, in which it projected that world energy consumption will increase 57% between 2004 and 2030. The most rapid growth will concentrate in non-OECD countries.
The US natural gas price index rose only $0.02 from May to June, but stands $1.49 higher than this time last year. With forecasts for an active hurricane season, prices are likely to stay high for the rest of the year.
Offshore rig utilization is just over 90%, down slightly from mid-March’s 93%. Demand is projected to grow, creating a supply deficit as high as 15 rigs by November.
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