|
Vol. 226 No. 10 |
| |
|
World oil production is up 420,000 bpd from one month ago, with
non-OECD output accounting for 55% of the contribution. The IEA has revised global demand down by 1.35 million bpd to 83.48 million bpd. Faced with high international
prices, Chinese demand remains weaker than earlier projections. Meanwhile, US production is down 4% from a year ago, despite contributions from Alaska and Montana. These
states added a combined effort of 160,000 bopd higher than last year’s production rate. IEA said that in October, North American demand is expected to decrease by at
least 90,000 bopd, with post-Hurricane Katrina inflation hurting chances for a demand rebound. Bush administration officials, along with the MMS, fear a natural gas
shortage, due to the slow recovery process in the Gulf of Mexico from Katrina. As of Sept. 16, various operators had still shut-in 3.384 Bcfd, or more than 30% of daily
gas production in the GOM. 
|
