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Vol.
225 No. 9 |
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Production in the former Soviet Union
is up 50 thousand bpd since June and up nearly 1 million bpd since
2003. This is despite the ongoing legal battle between the Russian
government and Russia's number one oil company, Yukos, whose stock has
dropped more than 14% on the MICEX Exchange in Moscow, causing crude
oil prices to climb. Saudi Arabia production is also floating up 90
thousand bpd, with the Minister of Oil estimating that the country
could have an additional 1.3 million bpd production capacity. Brent
Blend is up from June by $1.42 per barrel. Canada continues to
increase its rotary rig count, by 195 rigs in the past three months,
and US total rotary rigs are up 132 from last year, with particular
attention to the Texas and Oklahoma contribution of 78 rigs. 
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