Industry at a glance

World oil supply increased by 1.1 million bopd in July to 85.3 million bopd, but monthly gains from non-OPEC producers could prove short-lived as maintenance and seasonal factors will likely reverse the July increase in August and September. WTI reached a record high of over $78/bbl in July, but then fell back sharply on a combination of concerns over growth and poor refining margins. OPEC raised its forecasts of world oil demand by 130,000 bopd for this year and by 120,000 bopd for next year, but warned that the demand outlook was being clouded by a number of “emerging uncertainties.” Changes have been made to the world oil and NGL production table, as Africa-others has become Africa/Middle East-others. Also, data for the workover rig graph and table will henceforth come from Weatherford and will now include rod jobs and wells less than 1,500 ft deep.