Industry at a glance ///

In its Short Term Energy Outlook, the US-based EIA predicted that global oil demand will increase by 2.9 million bpd from the second to fourth quarter of 2007 (a typical pattern for that time of year). In response to criticism for not increasing production amidst this demand increase, OPEC ministers pointed to refining bottlenecks and geopolitical tensions as the cause for high prices, rather than oil shortages. The Centre for Global Energy Studies retorted that this was merely an “excuse for inaction.” IEA projects that Africa will be a key driver of non-OPEC growth in 2008, with regional supply increasing 130,000 bopd to 2.71 million bopd. The FSU and Latin America are also expected to be significant sources of growth. The June international rotary rig count continued creeping back up following its low in April, largely due to the climb in Canada, which increased by 103 rigs, or 96%.

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