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Vol. 235 No. 8
INDUSTRY AT A GLANCE
After oil prices lurched as high as $115/bbl for Brent crude in response to a military offensive by Islamist insurgents in Iraq, fears that they would gain control of the southern oil fields subsided, and prices slid accordingly. The lower Iraqi crude output was mitigated by gains in other OPEC countries, while non-OPEC production remained steady. In the U.S., oil production continued to gain ground, with North Dakota’s estimated output exceeding 1 MMbopd for the first time. Natural gas prices on the Henry Hub exchange have now gone down to about $3.90/MMBtu, with production rising slightly to 73.5 Bcfd. The U.S. rotary rig count jumped to 1,876 by the end of July.
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