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Non-OECD demand increased by an estimated 3.6% in 2005 versus 2004, and an increase of 3% is expected in 2006. World oil supply dropped slightly in March to average 84.4 million bpd. Lower than normal performances are anticipated from Canada, Norway, Australia, Russia, Brazil and Angola during the first half of 2006. US production in March is down about 7% from a year ago. The US workover rig count is up 280 units, or 22% from a year earlier, while the Canadian workover rig count declined by 32% from this same period last year. The international rotary rig count is up 273 units, or 21% from the same time last year. The US rotary rig count is up 18% from one year ago. At press time, the US Minerals Management Service reported 87 production platforms are still evacuated in the Gulf of Mexico, due to Hurricanes Katrina and Rita, with shut-in Gulf production of 334,000 bopd and a cumulative 150 million bbl deficit.
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Houston, TX - November 4-5
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