Industry at a glance
Vol. 225 No. 8 The introduction of additional OPEC oil supplies on the world market is reflected in the lat
The introduction of additional OPEC oil
supplies on the world market is reflected in the latest global
production numbers. Of the 660,000 extra bopd supplied by OPEC,
590,000 came from Saudi Arabia. Output from outside OPEC and OECD
countries was also up 230,000 bopd. International drilling continues
to run ahead of last year's pace. The latest month was 3% higher than
a year ago. Latin American rigs have rebounded, running 25% greater.
US drilling remains strong, thanks to high prices, and is 10% higher
than a year earlier. Rig activity is particularly stout in Colorado
and Wyoming, as the search for new gas supplies proceeds. The mild
recovery in US geophysical activity versus a year ago gives hope that
exploration drilling will improve. Global oil prices cooled in June,
but another spike may be nearing. |
