Industry at a glance ///
Brent and WTI gained $7–$8/bbl in April, largely on account of unrest in the Middle East and a fall in oil production in Libya. Also, there was an increase in natural gas and crude oil imports to Japan during April and May, following the shutdown of several nuclear power plants after the tsunami earlier this year. Global oil supply dropped by 190,000 bpd to 85.87 million bpd in April, with the largest decreases in Saudi Arabia, Angola and Libya. Due to seasonal maintenance in Canada, the international rig count dropped by 417 to 1,404. US rigs rose by 70 to 1,790, with the largest increases in Texas’ District 8 and Oklahoma.
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