Industry at a glance

	Vol. 225 No. 1

In line with a recovering world economy, and taking into account some noticeable OPEC quota cheating, global oil production is running far ahead of the 2002 average. Output in November averaged 79.75 million bopd, exclusive of processing gains, or 6.7% greater than 2002’s level. Leaving NGLs and condensate out of the equation, OPEC members are busting their production ceiling (24.5 million bopd) by 2.45 million bopd. A further source of output gain is the Former Soviet.

Union, where crude and condensate output has risen 14.6% (1.37 million bpd) since 2002. North American rig counts are sprinting toward excellent finishing totals. Canadian rigs are at their highest average since 1997, while US rigs are at their highest point since 9/11/2001. International rigs are also ahead of 2002’s pace, thanks to improvement in Latin America, particularly in Mexico, where onshore and offshore levels are both higher.