Industry at a glance

	Vol. 226 No. 12

Last month, IEA estimated average global demand for 2005 at 83.4 million bopd. IEA also forecast 2006 demand at 85.0 million bopd. OPEC was slightly more optimistic, estimating 83.6 million bopd for 2005 and forecasting 85.2 million bopd for 2006. Meanwhile, total world oil supply increased, averaging 84.4 million bpd, including 29.6 million bpd from OPEC. Exclusive of Iraq’s 220,000-bopd loss, and leaving NGLs and condensate out of the equation, the remaining OPEC 10 still increased their output by 270,000 bopd from a month earlier. Thanks to warmer weather and an end-of-summer decline in US driving, crude oil prices receded. WTI cooled to between $55 and $60/bbl at press time. Meanwhile, US Gulf of Mexico mobile rigs struggled to maintain normalcy, with numerous rigs undergoing hurricane-related repairs. Paradoxically, ODS-Petrodata said that October rig demand in the Gulf hit its lowest point since December 2004.