The Organisation of Petroleum Exporting Countries revealed this week that its members drilled 6.5 per cent fewer wells in 2003 than in the previous year, writes Carola Hoyos. Opec's latest annual statistical report shows the number of wells completed in 2003 fell by more than 10 per cent in Kuwait, Venezuela, Qatar, Nigeria and Iran. This suggests the global supply crunch and high oil prices could last longer than expected, analysts said. Information on the number of oil wells completed per year is one of the best rough guides to future oil production as well as to overall investment trends.