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IEA reported decreases in world oil supply and demand during September to 85.4 million bpd and 84.6 million bpd, respectively. Both levels remain more than 1% higher than a year ago. China, self-sufficient in oil only 15 years ago, now imports 40% of its oil. The percentage is expected to rise to 75% by 2025. US oil production has recovered remarkably well from the losses suffered in the wake of Hurricanes Katrina and Rita last year. Output on and offshore Louisiana is up more than 800,000 bopd from a year earlier. US rig activity continues to run an impressive 20% higher than in 2005, while Canada is actually off 10%. Canadian operators have eased off their drilling plans on concerns about high gas storage levels in the US. Worldwide offshore rig utilization is up, although the US figure is down slightly, and some rigs have left the Gulf of Mexico for other markets. International geophysical activity is up an encouraging 21%.
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Houston, TX - November 4-5
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