Industry at a glance ///
Higher crude production from Iraq, Nigeria and Libya increased world supplies by 600,000 bpd last month. This, plus economic uncertainties in Europe—spilling over into the U.S.—caused oil prices to fall across the board, with West Texas Intermediate dipping below the $90/bbl threshold. Energy demand in the OECD countries has declined, while output from OPEC, as a whole, has risen. Outside the U.S., the rig count fell sharply, due mostly to seasonal declines in Canada. U.S. rotary rigs held fairly steady at 1,962, remaining about 10% higher than the same time last year.
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