Industry at a glance

	Vol. 227 No. 1

Weak performance in the third and fourth quarters, due partially to warm weather and hurricane disruptions, caused IEA to lower its estimate of 2005 global oil demand growth by 20,000 bpd, to 1.18 million bpd. However, these factors’ temporary nature should prompt a recovery to growth of 1.79 million bopd in 2006. OPEC output was 29.6 million bopd in November, up 120,000 bopd from October’s figures. Higher production came from Saudi Arabia, Nigeria and Venezuela.

As output continued to recover offshore Louisiana and Texas, US production gained 409,000 bopd, but November’s level was still 792,000 bopd behind the year-ago figure. Prices for WTI crude and Brent Blend remained between $55 and $60/bbl on world markets. The US seismic crew count was down 9.5%, due to a decline in the Southwest, but it was still 17% ahead of the year-earlier pace. US and Canadian rig counts were up 18% and 34%, respectively. Rigs in other regions were up 5.5%.