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  • Industry at a glance


    Crude oil supplies continued to fall in the US, as the economy softens and demand follows. From one year ago, production is off 5.5%, with the trend likely to continue. Worldwide, crude production gained slightly over the previous month. Prices have fallen with the gap between US WTI benchmark and Europe’s Brent Blend growing narrower. With both the availability of credit improving and companies’ balance sheets stronger than they were two years ago, the oil and gas industry is better prepared if a second global recession does develop. If average prices stay above $80/bbl, companies’ development plans are not likely to change, particularly in the liquids-rich onshore plays.

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