World Trends: Industry pace should quicken ///

Global economic doldrums in the post-Sept. 11, 2001, period dampened leading upstream indicators. Worldwide oil production and reserves squeezed out small increases. Drilling was suppressed during first-half 2002. Nevertheless, activity should pick up during the remainder of the year, as oil companies loosen their underspent budgets. Although softness will continue in the Western Hemisphere, the remainder of the globe will do better, highlighted by strong drilling activity in Africa and the Former Soviet Union.

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