Industry at a glance ///
As in April, worldwide crude oil production dropped in May, but by a minor amount of 70,000 bpd. There was a 320,000-bopd drop in Canada, due partially to a Suncor maintenance shutdown. OPEC, however, saw its production rebound 140,000 bopd, edging closer to the 2013 average of 37.62 MMbopd. Saudi Arabia contributed 220,000 bopd to that gain, but this was blunted by decreased Iraqi output. WTI peaked at over $98/bbl for the month, while Brent hit $106/bbl, but returned to its monthly starting price of around $103/bbl. The international rig count for May is up 31 units, reflecting an increase of 60 onshore rigs in Canada. Rig activity in the U.S. is essentially flat.
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