Industry at a glance

	Vol. 227 No. 2

IEA revised world oil demand for 2005 again to 83.30 million bpd with a rebound still expected for 2006, especially in the US and China. Thanks to colder weather, demand growth in China grew 6.9% in December. Concurrently, world oil supply averaged 85.0 million bpd in December, with non-OPEC output revised downward to 50.1 million bpd, due to weak OECD production. A recovery to 51.4 mbpd in 2006 is expected. US production was up 299,000 bpd in December. Workover rig counts are up 214 units, or 17%, from one year ago. International rig counts remain well ahead of last year, up 214 units. In 2005, the Canadian rig count reached its highest average number of rigs since 1980, according to Baker Hughes. Thanks to significant contributions from Latin America, the CIS and Canada, international seismic crew counts are up 30 units since last year. US geophysical activity remains stable, up three units from a year ago.