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Vol. 235 No. 9
INDUSTRY AT A GLANCE
Rising world tensions brought on by the conflicts in the Ukraine and Iraq did little to change crude oil prices in July and August. Markets were calmed when it appeared the Islamist group ISIS would not capture Iraqi oilfields, as had been feared. Global oil production rose to 93 MMbpd due primarily to increased OPEC output. U.S. crude production took a short breather from its recent surge, but remained at historically high levels. Natural gas prices on the Henry Hub exchange sagged in late summer in response to a cooler-than-normal summer, dipping below the $4/Btu threshold. The U.S. rotary rig count rose above 1,900 rigs running, while worldwide rig counts continued to rise across the board, led by a sharp increase in Canada.
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