Industry at a glance
June global oil supply rose by 80,000 bpd to 83.83 million bpd. OPEC crude oil production increased again in June by 70,000 bpd to 33.73 million bpd.
June global oil supply rose by 80,000 bpd to 83.83 million bpd. OPEC crude oil production increased again in June by 70,000 bpd to 33.73 million bpd. IEA continued to adjust its global oil demand forecast for 2010 upward; 2009 remained relatively unchanged. The IEA expects global oil demand in 2010 to rebound by 1.7% or increase by 1.4 million bpd year-on-year to 85.2 million bpd, largely led by non-OECD countries. IEA’s outlook for global oil demand in 2009 remains effectively unchanged (down 2.9% or 2.5 million bpd vs. 2008), given much weaker than anticipated preliminary data in the OECD and despite a large upward baseline adjustment for non-OECD countries. In June US workover rigs increased slightly while US rotary rigs fell; however, the US rotary rig numbers made a comeback during the first weeks of July.
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