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The world supply of crude oil received a bump last month to 88.7 million bpd, with Canadian production making up for declines in the UK fields. Production outside of OPEC is expected to average 53 million bpd for the year. OPEC averaged just over 30 million bpd after the midsummer mark. Demand continues to be weak, reflecting slow economic growth worldwide. Rotary rigs in the US continued their upward trajectory, reaching 1,900 total rigs running at the end of July, while internationally the rig count climbed by 90 onshore, to 1,187, excluding Iraq, Iran and the Sudan, where data is sparse. Oil prices, which had sagged since last April, have continued to recover as the summer wanes.
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