Industry at a glance
Crude oil prices rose to their highest level in more than a year in October with WTI and Brent futures up an average of $6/bbl to $75.82/bbl and $73.93/bbl, respectively.
Crude oil prices rose to their highest level in more than a year in October with WTI and Brent futures up an average of $6/bbl to $75.82/bbl and $73.93/bbl, respectively. October global oil supply rose by 635,000 bpd to 85.6 million bpd, with OPEC production achieving its highest level since January. Non-OPEC supply is revised up 130,000 bpd for 2009 and 350,000 bpd for 2010 on stronger Gulf of Mexico, Norway and Russia estimates. Tropical Storm Ida shut in 560,000 bpd (43% of the US GOM output) in early November, though reports indicate no lasting damage. Global oil demand is revised up 210,000 bpd for 2009 and 140,000 bpd for 2010 on stronger preliminary data in OECD North America and buoyant demand in non-OECD Asia/Middle East. International land rotary rigs gained by 28, while offshore rotary rigs fell by 11. Geophysical activity remained constant in September and October.
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