Industry at a glance

	Vol. 227 No. 3

IEA revised their estimated global oil demand for 2006 at 85.1 million bpd. Chinese demand in 2006 is still expected to increase by 5.8%. World oil supply fell in January to average 84.6 million bpd but remained 1.25 million bpd higher than January of last year. Minus NGLs and condensate, OPEC crude supply averaged 29.2 million bpd in January, down 70,000 bpd from a month earlier while US production was up 174,000 bpd in January with Louisiana providing the biggest contribution. Workover rig counts were up for the fourth consecutive month. According to Baker Hughes, workover rig counts have not totaled over the 1,500 mark since late-1993. US Rotary rigs were up 17.4% in January, or 219 units, from one year ago. International rotary rigs were up 113 units from one month ago with Canada contributing the most, 85 units. US seismic crew counts were up 4 units from a year ago while international seismic crew counts were up 28 units since last year.