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In July, global oil supply increased by 890,000 bpd to 87.42 million bpd. Canada and Norway led the way with 300,000-bpd and 150,000-bpd increases respectively. July OPEC crude production increased by 370,000 bpd due to increases in Saudi Arabia, Iran and Nigeria, though about 500,000 bpd of production remains shut in in the latter. IEA estimates that effective OPEC spare capacity is 1.5 million bpd, but should rise in 2009.
By early August, crude prices had fallen $30 per bbl from mid-July highs on weaker OECD demand and increased supplies, and because the first US Gulf hurricanes passed without causing damage.
The international and US rotary rig counts continue to remain high at 1,596 and 1,932, respectively, for July 2008, showing increases of 148 and 155, respectively, over the 2007 numbers.
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