Preliminary data indicates that global oil supply increased by 0.37 mb/d to average
95.58 mb/d in November, compared to the previous month. The increase was due to
growth of 0.14 mb/d in non-OPEC supply and 0.23 mb/d in OPEC crude production.
According to Baker Hughes, the rotary rig count in North America declined by 37 rigs
while it increased by 16 rigs in the Middle East in November 2015, m-o-m. The number
of world’s active rotary drilling rigs decreased by 39 rigs to 2,047 rigs m-o-m, in
November 2015, while it dropped by 1,623 rigs from last November.
Since 2008, the share of OPEC crude in global supply has declined. However, the first
11 months of 2015 show an average of 32.9%, higher by 0.4 pp than the previous year.
This share reached at 33.2% in November 2015. Estimates are based on preliminary
data for non-OPEC supply and OPEC NGLs, while OPEC crude production is reported
according to secondary sources.