Low prices and an improving economic outlook have buoyed consumption and imports of bothfuels and gas over 2017. We expect both to remain strong over the next ten years, though for growth tostabilise as efficiencies and alternative technologies erode demand.
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Oil production averaged 68,500b/d over H117, down some 6% y-o-y.
Gas production has been hit even harder, falling around 9% over H117 to around 3.5bcm.
The number of drilling rigs in use has averaged three as of August 2017, according to Baker Hughes.