Industry at a glance ///

In October, crude oil benchmarks were locked in a narrow range, as continuing oversupply in world markets limited the impact of labor strikes in Brazil and geopolitical tensions in the Middle East. Nevertheless, the non-decision by OPEC on Dec. 4 caused the ICE Brent price to decline $2.37 on Dec. 7, to $41.13/bbl. The NYMEX WTI price tumbled $2.34, to $37.63. Global demand growth is forecast to slow to 1.2 MMbopd in 2016. Despite Russia, which continues to increase production, non-OPEC supply is forecast to contract by more than 0.6 MMbopd in 2016. The U.S. rig count continues its downward spiral, averaging 765 rigs in November, while the international rig count dropped to an average 1,302 rigs in October, a loss of 27 units.

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