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Oil prices continue to rise, reaching a record high of $93.53 a barrel on Oct. 29, with fears of a Turkish invasion of Iraq and a weak dollar cited for the increase. Last month, OPEC worried about the cost of oil at $80 and agreed to raise production by 500,000 bpd starting Nov. 1, and apparently had already begun doing so, but as oil rises above $90 a barrel, OPEC says supply is adequate for the demand in the market and they will not increase production further.
World oil supply increased by 415,000 bpd in September to 85.1 million bpd. Demand forecasts by IEA remain virtually unchanged at 85.9 million bpd in 2007 and 88.0 million bpd in 2008. Increased Iraqi output helped lift OPEC crude supply by 245,000 bpd in September to 30.7 million bpd, and production through year end should be bolstered by increased OPEC supply, receding hurricane risks and the end of seasonal maintenance.
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