Industry at a glance
Last year ended with a 100,000-bopd increase in world supply, totaling 85.08 million bopd.
Last year ended with a 100,000-bopd increase in world supply, totaling 85.08 million bopd, and a 450,000-bopd decrease in global oil demand. This cut is due largely to mild winter temperatures, thus leading IEA to modify its 2007 global oil demand forecast to 1.6% growth. In mid-January, crude oil prices declined to a 20-month low, as the reduced oil demand countered the effect of OPEC cuts (numbering 155,000 bopd in December). The US workover rig count fell once more in December, ending the year where it started at 1,485 rigs. The international rotary rig count remained below 2005 levels for the second consecutive month, principally because of sharp declines in Canada and Europe. Both US and international seismic crew counts continued nearly unchanged from December, although both stand 14.5% and 8% higher than one year ago, respectively. US oil production increased 2.7% in December.