Industry at a glance
Crude oil prices fell to six-week lows by early February, after warmer weather in the Northern Hemisphere, negative macroeconomic news and sudden strength in the dollar set in motion a $12/bbl slide.
Crude oil prices fell to six-week lows by early February, after warmer weather in the Northern Hemisphere, negative macroeconomic news and sudden strength in the dollar set in motion a $12/bbl slide. Global oil supply fell 4,500 bpd to 85.8 million bpd in January, with higher total OPEC output (mostly NGLs) offset by lower non-OPEC production. Forecast global oil demand is revised up 170,000 bpd for 2010 as more robust global GDP projections from the International Monetary Fund are partly offset by a higher price assumption and persistently weak OECD oil demand. The international rig count increased by 12%, from 1,402 to 1,574, while the US rig count increased by 8% to 1,273. The biggest increase in rigs came in Canada, which saw a jump of 147 rigs. Both US and international geophysical activity continued to slowly increase throughout February with US activity up 5%.
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