Industry at a glance
Vol. 225 No. 2 OPEC oil output in December ran 1.5 million bpd higher than the overall 2003 figure. According to IEA, only 640,000 bopd were added by Iraq, while another 310,000 bopd came from condensate gains in places
OPEC oil output in December ran 1.5 million bpd higher than the overall 2003 figure. According to IEA, only 640,000 bopd were added by Iraq,
while another 310,000 bopd came from condensate gains in places like Qatar and Nigeria. The remainder of the OPEC gain versus the whole year came from widespread quota
cheating. Furthermore, December world output was up 2.75 million bpd over the 2003 average thanks to strong gains in non-OPEC, non-OECD countries. Reflecting the always busy
winter drilling season Canadian rigs remained above 400 active units, 20% higher than a year earlier. In the US, gas-inspired drilling finished the year 30% higher than the
same month in 2002. Rigs outside North America were up 3% onshore and 15% offshore, signifying the shift of investment dollars offshore.
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